The cryptocurrency market is going through very active days. Donald Trump‘s memecoin project TRUMP has pushed the total locked value (TVL) of the Solana (SOL) network to over $10 billion. Thus, TVL reached the highest level since the collapse of the FTX exchange. According to data, Solana’s TVL increased up to $12 billion with the launch of memecoin. The increase in TVL has led to a revival of the network, especially in the DeFi space. DefiLlama’s data is locked on the network LEFT It shows that the amount exceeded 45 million units and this is the first time this threshold has been seen since August 2022.
Donald Trump’s Memecoin Project Benefited the Solana Network
For TRUMP coin linked to Donald Trump’s presidential campaign solanaHe preferred . Developed by Trump-backed CIC Digital LLC, memecoin holds 80 percent of the total supply to be released within 3 years.
This development increased the price of SOL by 23 percent. TRUMPThe launch of has sparked intense trading activity on decentralized exchanges (DEX) in Solana. For example, radidium protocol, 24-hour transaction fee generation TetherIt surpassed (USDT).
Moreover, moonshot The memecoin trading platform hosted $400 million worth of transactions in the first 12 hours following the launch of memecoin. In the same period, 200 thousand new users joined the Solana network.
Signals of Changes in the US’s Cryptocurrency Policy
Trump’s memecoin belongs to the USA cryptocurrency marketIt is seen as an important turning point in his approach. Erik Voorheesevaluated the development as a signal of a more innovative approach in US fintech policy.
The rapidly increasing interest brought by Memecoin left Solana’s future facing an important test. If the network can successfully handle this heavy traffic, more new users and capital inflows are expected. On the other hand, the possibility of a large Solana-based exchange traded fund (ETF) being implemented has increased. Polymarket data puts the probability of an ETF being approved by the end of July at 61 percent.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
