Since April, Solana has given $200 for the first time following Trump’s election.

Solana, the fourth-largest by market capitalization, broke above $200 for the first time since April. This happened after Donald Trump won the US presidential election, sending out green candles across the crypto markets and sending SOL channels into overdrive.

Solana (SOL) has increased by 7.5% in the day and 21.1% in the last week, according to CoinGecko, to a capitalization of 95 billion dollars. On Friday morning, the token traded at $202.55, the highest since April 1, 2024.

This past peak came before the network's killer app Pump.fun started meme coin mania. Back in April Pump.fun, the most popular token board in crypto, was only responsible for 10,000 tokens per day. Since then, the meme coin factory has hosted several celebrity tokens, outrageous live streams, as well as an innovative “AI-engineered” multi-million dollar coin.

Now that Solana has reached its April peak, the Pump.fun canals are also showing good signs of health. According to Dune Dashboard data, 32,000 tokens were launched on Thursday alone. And just this week, the protocol surpassed 3 million total coins in its lifetime.

This meme coin craze was fueled primarily by the US presidential election and continued with the victory of pro-crypto candidate Trump. In meme coin traders got their election news from the dashboard dashboard and joked that a Trump win would be good for all portfolios.

During the campaign, Trump won over many industries and was welcomed with open arms. That includes pledging to end the “illegal and un-American crackdown on crypto,” creating friendlier regulations, and asking the government to stockpile Bitcoin. These crypto-related pitches are why the entire industry is seeing a boom following the win.

Thus, optimism for the Solana ETF has grown. Balaji Srihari, head of business at CoinSwitch, told Decrypt Thursday that we could see the SEC's stance on Solana soften and open the door to ETFs.

An ETF (Exchange Traded Fund) is a publicly traded investment vehicle that tracks the value of its underlying assets. At the beginning of the year, both Bitcoin and Ethereum were accepted by ETFs in the US with billions of dollars flowing into them. For example, iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF, has over $17 billion worth of assets under management.

This type of investment vehicle opens the door for traditional investors, who are traditionally far from the nature of cryptography and have a high barrier to entry. The Solana ETF represents an injection of billions of dollars from just such an everyday investor.

Edited by Stacy Elliott.