Solana surges 12% on launch of Trump-themed memecoin, ether falls – CNBC

Credit CardsLoansBankingMortgagesInsuranceCredit MonitoringPersonal FinanceSmall BusinessTaxesHelp for Low Credit ScoresInvestingSELECTAll Credit CardsFind the Credit Card for YouBest Credit CardsBest Rewards Credit CardsBest Travel Credit CardsBest 0% APR Credit CardsBest Balance Transfer Credit CardsBest Cash Back Credit CardsBest Credit Card Welcome BonusesBest Credit Cards to Build CreditSELECTAll LoansFind the Best Personal Loan for YouBest Personal LoansBest Debt Consolidation LoansBest Loans to Refinance Credit Card DebtBest Loans with Fast FundingBest Small Personal LoansBest Large Personal LoansBest Personal Loans to Apply OnlineBest Student Loan RefinanceSELECTAll BankingFind the Savings Account for YouBest High Yield Savings AccountsBest Big Bank Savings AccountsBest Big Bank Checking AccountsBest No Fee Checking AccountsNo Overdraft Fee Checking AccountsBest Checking Account BonusesBest Money Market AccountsBest CDsBest Credit UnionsSELECTAll MortgagesBest MortgagesBest Mortgages for Small Down PaymentBest Mortgages for No Down PaymentBest Mortgages with No Origination FeeBest Mortgages for Average Credit ScoreAdjustable Rate MortgagesAffording a MortgageSELECTAll InsuranceBest Life InsuranceBest Homeowners InsuranceBest Renters InsuranceBest Car InsuranceTravel InsuranceSELECTAll Credit MonitoringBest Credit Monitoring ServicesBest Identity Theft ProtectionHow to Boost Your Credit ScoreCredit Repair ServicesSELECTAll Personal FinanceBest Budgeting AppsBest Expense Tracker AppsBest Money Transfer AppsBest Resale Apps and SitesBuy Now Pay Later (BNPL) AppsBest Debt ReliefSELECTAll Small BusinessBest Small Business Savings AccountsBest Small Business Checking AccountsBest Credit Cards for Small BusinessBest Small Business LoansBest Tax Software for Small BusinessSELECTAll TaxesFiling For FreeBest Tax SoftwareBest Tax Software for Small BusinessesTax RefundsTax BracketsTax TipsTax By StateTax Payment PlansSELECTAll Help for Low Credit ScoresBest Credit Cards for Bad CreditBest Personal Loans for Bad CreditBest Debt Consolidation Loans for Bad CreditPersonal Loans if You Don’t Have CreditBest Credit Cards for Building CreditPersonal Loans for 580 Credit Score or LowerPersonal Loans for 670 Credit Score or LowerBest Mortgages for Bad CreditBest Hardship LoansHow to Boost Your Credit ScoreSELECTAll InvestingBest IRA AccountsBest Roth IRA AccountsBest Investing AppsBest Free Stock Trading PlatformsBest Robo-AdvisorsIndex FundsMutual FundsETFsBondsWatch Daily: Monday – Friday, 3 PM ETIn this articleSolana’s SOL token rocketed after a meme coin linked to President-elect Donald Trump launched on the popular blockchain network.The price of SOL rose 12% to $247.76 on Saturday, according to Coin Metrics. Earlier, it surged nearly 23%. Ether fell more than 6%.The moves began late Friday after the launch of a new meme coin announced on Trump’s social media accounts and issued on the Solana blockchain. “Official Trump” (TRUMP) has a market cap of more than $5 billion and is the largest meme coin on the Solana network, according to CoinGecko.That move came ahead of Trump’s inauguration Monday, which is widely expected to usher in a new era of innovation and productivity in the crypto industry, and on the day crypto villain Gary Gensler ended his term as chairman of the Securities and Exchange Commission.Solana is the fourth-largest cryptocurrency by market cap, excluding stablecoins. It was created in 2020 as a faster and cheaper alternative to Ethereum and now hosts some of the most popular meme coins like dogwifhat and Pudgy Penguins, as well as decentralized finance (DeFi) and gaming projects.The token has become so popular asset managers are seeking to issue exchange traded funds tracking its price. The decision deadline for potential ETFs from Bitwise, VanEck, 21Shares and Canary is approaching Jan. 25. ProShares on Friday evening also filed for four different ETFs based on SOL. If approved this year, SOL ETFs may only attract a fraction of the assets that flowed into bitcoin ETFs in their first year of trading, according to JPMorgan.SOL gained 85% in 2024. It’s now about 6% off its all-time high from Nov. 22.The “Official Trump” coin was announced on the president-elect’s X and Truth Social accounts late Friday night, the same evening as the Crypto Ball, a celebration of his return to the White House held by crypto industry leaders in Washington, D.C.It began trading at about 10:40 p.m. ET Friday at a price of $4.29 and has since rocketed 604% to $30.22, according to CoinGecko data.A disclaimer on the new coin’s website says it is “intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’ and the associated artwork, and … not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”There are 200 million coins initially available, which will grow to 1 billion over three years, according to the website. Just 10% is available to the public, with another 10% held in liquidity and 80% to “creators and CIC Digital,” an affiliate of The Trump Organization.The meme coin is the latest fundraising effort to come out of team Trump – which has also launched two NFT collections – Trump Digital Trading Cards on the Polygon blockchain and Trump Bitcoin Digital Trading Cards on the Bitcoin blockchain – as well as the DeFi platform World Liberty Financial on Ethereum.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
Data is a real-time snapshot *Data is delayed at least 15 minutes.
Global Business and Financial News, Stock Quotes, and Market Data
and Analysis.
Data also provided by

Source: https://www.cnbc.com/2025/01/18/crypto-market-today.html