Donald Trump launched his memecoin, TRUMP, based on Solana, and the market went after it. The popularity of a memecoin on Solana increases the demand for SOL to pay network fees. Following the launch of President-elect Donald Trump's memecoin on the Solana network, the price of the SOL token skyrocketed on January 18, reaching a price of around $243 at the time of writing. This increase represented a 11% increase in its market value, since SOL, the network's native token, started the day at approximately $218. These data can be seen in the following graph extracted from the TradingView financial analysis platform:
SOL price rose around 10%. Source: TradingView. The argument behind this rise of SOL was the launch of the Official Trump memecoin (TRUMP) by the new US electro president, Donald Trump. This token was broadcast in Solanaa network that has become the favorite site for the issuance of memecoins. Therefore, the enormous number of users who began to operate with TRUMP had to interact with this network. As BitcoinDynamic reported it, TRUMP's price grew more than 200% and became the fourth largest market capitalization memecoin in 24 hours. When a memecoin becomes popular among users and investors, there is usually a significant increase in transactions within the network where it is issued, in this case Solana. Since every transaction on this network requires payment of fees in SOL, this implies that users must own SOL, which increases the demand for the token. Indeed, in the last 24 hours there was a significant increase in the value of commissions in Solana, exceeding by one million dollars the value of commissions paid in Ethereum, which also translates into greater profits for the validators of this network .
Commissions paid at Solana exceed USD 5 million. Source: DeFiLlama. Additionally, if a memecoin on Solana begins to gain value quickly, it can cause a FOMO effect (Fear Of Missing Out) among investors, leading them to buy not only the TRUMP memecoin but also SOL, speculating with future opportunities on the network. This is especially because Solana has become the preferred network for the issuance of memecoins, which has been one of the most lucrative trends in this bullish cycle.
