President-elect Donald Trump launched an official TRUMP meme coin on Solana late Friday, attracting billions of dollars worth of trading, with the coin attracting the top 40 currencies by market capitalization. But other major meme coins seem to be falling in value as traders instead sell to TRUMP for monkeys.
For example, Dogecoin hit a more than one-month high of $0.43 on Friday night before the TRUMP news began to spread widely. Quickly, it fell, falling to a price of $0.397, probably because selling drove the price down.
DOGE is down 8% from Friday's late peak, and 3% over the past 24 hours. But it's still up 18% on the week.
Other major meme coin charts are similar, with Shiba Inu (SHIB) and Pepe (PEPE) among the coins that fell after the TRUMP token gained steam on Friday. SHIB is now down 6% on the day, Pepe is down 5%.
Not every meme coin is getting that bad, however. Popular Solana-based meme coin pairs BONK (BONK) and SPX6900 (SPX) have seen only modest weakness since Friday night and remain at higher levels over the past day.
And Fartcoin (FARTCOIN) is only seeing explosive demand, the Solana meme coin rose to a new all-time high of $1.75 on Saturday morning. The coin's price has more than doubled in the past week.
Solana appears to be the key communication tissue of the Trump team's chosen network for the TRUMP token. Solana itself jumped 10% in the past 24 hours, making it the biggest gainer among the top 10 cryptocurrencies, and rose to nearly $244—the highest price seen since November.
In addition, Solana's leading decentralized exchange token thanks to TRUMP's interest, Jupiter's JUP token rose 20% on the day and Radium's RAY rose 19%.
Trump is currently trading at $21 after nearly touching $24 last Saturday. The Solana token now has a market cap of over $4 billion, making it the 38th most valuable coin on the market.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
