The price of Solana increases by 12% following the launch of a Trump-themed memecoin, while the value of ether decreases.

The price of Solana's token surged following the launch of a memecoin associated with President-elect Donald Trump on the widely used blockchain platform.

On Saturday, the price of SOL increased by more than 12%, while one of its main competitors, ETH, decreased by 7%.

Since the launch of a new memecoin on Trump's social media accounts and issued on the Solana blockchain, "Official Trump" (TRUMP) has attracted more than $5 billion and has become the largest memecoin on the Solana network, according to CoinGecko.

Prior to Trump's inauguration on Monday, which is predicted to bring about a new era of innovation and productivity in the crypto industry, and on the day that Gary Gensler, the crypto industry's villain, ended his term as chairman of the Securities and Exchange Commission.

Solana, created in 2020, is the fourth-largest cryptocurrency by market cap, excluding stablecoins. It was designed as a faster and cheaper alternative to Ethereum and now hosts popular memecoins like dogwifhat and Pudgy Penguins, as well as DeFi and gaming projects.

Asset managers are increasingly interested in issuing exchange-traded funds (ETFs) that track the price of the token. The deadline for potential ETFs from Bitwise, VanEck, 21Shares, and Canary is fast approaching, with January 25 being the final decision date. ProShares filed for four different ETFs based on SOL on Friday evening. If approved this year, SOL ETFs may only attract a small fraction of the assets that flowed into bitcoin ETFs in their first year of trading, according to JPMorgan.

In 2024, SOL experienced a 85% increase, and currently it has risen by 25% in the current year.