The 'official' memecoin of incoming U.S. President Donald Trump has boosted interest in Solana (SOL), leading to a surge in both its price and

Solana's SOL token rocketed after a memecoin linked to President-elect Donald Trump launched on the popular blockchain network.

Top-performing crypto majors XRP and ether (ETH) saw profit taking early Saturday as a Donald Trump-themed “official” memecoin attracted $3 billion in its first few hours after being issued on the Solana network, driving demand for SOL tokens.

As the Trump Memecoin gained momentum, Solana (SOL ) also experienced a significant surge in price, reaching an all-time high. The cryptocurrency market has been witnessing a bullish trend, with many altcoins showing impressive gains.

President-elect Donald Trump unveiled his personal memecoin, TRUMP, on the Solana blockchain. At its peak, TRUMP rallied by 6,695%, pushing its market cap to $12.52 billion on the charts. However, AMBCrypto’s analysis revealed that the token may soon see a short-term pullback or consolidation, before resuming its upward trajectory.

Solana, the fourth-largest cryptocurrency by market cap excluding stablecoins, experienced a significant price surge on Saturday. According to Coin Metrics, the price of SOL increased by more than 12%,