Top-performing xrp (XRP) and Ethereum’s 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.

The cryptocurrency market faced a surprise on Jan. 18 when the “Official Trump” (TRUMP) memecoin, backed by President-elect Donald Trump, was launched without prior notice. The announcement came via Trump’s social media accounts,

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

Multiple large-cap tokens based on Solana surged higher Saturday, and the blockchain’s native SOL token set fresh highs above $275 as the incoming U.S. president backed a new Solana-based TRUMP token Friday night, calling it his “official” memecoin.

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%,

Solana’s SOL token erupted this weekend after the release of a meme coin tied to self-proclaimed ‘crypto president’ Donald Trump. According to data by Coingecko, SOL has increased by more than 16% in the past twenty-four hours,