On 18 January, Solana (SOL) set a new all-time high around $270. The token rose 45% over the past week.
The coin surpassed its previous record from November 2024, when it peaked at $254.
The rally was driven by the launch of the “official” TRUMP memecoin by U.S. president-elect Donald Trump on Solana. Within a day the token climbed to $39, implying an FDV of $39.7bn.
According to DeFi Llama, the frenzy around the coin pushed daily decentralized-exchange volumes on the network to $19bn—nearly five times the year-to-date average.
In doing so, Solana’s DEX volume exceeded that of all other blockchains combined. Its dominance in the DEX segment reached 52%.
?BREAKING: @Solana surpasses all other chains combined in 24-hour DEXs volume.
Dominance: 52% pic.twitter.com/bP2B0v9vvR
— SolanaFloor (@SolanaFloor) January 18, 2025
Commenting on TRUMP’s impact on SOL’s price, a former Google developer known as TechLead noted that Trump’s coin should not have pumped the base-network token.
$TRUMP at ATH. Impressive tbh.
There’s a misconception on Solana thesis however. Since this liquidity is paired against USDC (as opposed to SOL), $SOL should not be pumping at all… The SOL gets sold immediately to USDC to TRUMP. No real demand for SOL. pic.twitter.com/7XV3jKkSnm
— TechLead (@techleadhd) January 19, 2025
In his view, TRUMP’s liquidity is paired with USDC, so demand for SOL is limited, given low fees.
On 16 December, the cryptocurrency XRP neared its all-time high, reaching $3.4.