Surge in Solana DEX Tokens Amid Launch of Trump Meme Coin

A significant surge in Solana DEX token prices was seen following the launch of the Official Trump meme coin on Solana.

Raydium, Jupiter, and Orca, popular decentralized exchanges (DEXs) on the Solana network, witnessed substantial gains in the hours following the launch of the Trump meme coin.

Notable Gains in Solana DEX Tokens

Raydium, the largest decentralized exchange on Solana, saw its price rise to $6.95, marking its highest level since December 31 and a 5,730% increase from its lowest point in 2023. This surge pushed its market capitalization to nearly $2 billion.

Jupiter, the largest perpetual exchange on Solana, rose to $0.85, with its valuation reaching $1.1 billion. Orca (ORCA) also experienced significant growth, soaring to $3.85, with a 50% increase in daily volume to $52 million.

The Trump Meme Coin Launch

The surge in Solana DEX tokens coincided with the launch of the Official Trump (TRUMP) meme coin on Solana. The token was announced by President-elect Donald Trump, who stated,

My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.

The TRUMP token saw its market capitalization surge to $3.6 billion, with a fully diluted valuation of $18.2 billion.

Impact on Solana DEX Networks

The popularity of the Trump meme coin led to a significant increase in daily volume for most Solana DEX networks. Raydium’s daily volume rose to $5.31 billion, its highest daily gain on record. Orca’s daily volume of $2.73 billion was also its highest increase on record, with most of this volume being related to the new Trump meme coin.

On-Chain Data Insights

On-chain data from Nansen shows several large purchases of the TRUMP token. The biggest purchase of the token was approximately $117.9 million. There were 14 transactions worth over $14 million in the last 24 hours, making it the biggest debut in the crypto industry.

According to Nansen, roughly 150 investors with a smart money tag purchased the token.

Future Outlook for the TRUMP Token and Solana DEX Tokens

While the TRUMP token has seen significant gains, it is unclear whether it will continue to perform well after Trump’s inauguration. Meme coins often experience initial rises due to retail investors’ fear of missing out, followed by pullbacks as smart money investors and insiders start to sell.

However, the growing Solana ecosystem may continue to support the performance of Solana DEX tokens like Raydium, Jupiter, and Orca. According to CoinGecko, the total value of all Solana meme coins exceeds $22 billion, with a 24-hour volume of $11 billion.

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