Solana’s Surge: TVL & DEX Volume Reach Record High on the Back of Trump & Melania Meme Coins
Solana’s Total Value Locked and DEX volume have risen in the crypto space, especially with the massive release of meme coins linked to Donald Trump and Melania Trump. It marks an interesting phase for Solana, but what percentage of the growth can be credited to the new meme coins?

Solana Records New All-Time Highs in TVL and DEX Volume

According to DeFi Llama, TVL on the network reached as high as $12 billion by January 19. The network passed through the $10 billion mark last was November 2022; going through this milestone was clearly a pointer that the network had returned, with investors coming in.

On Solana DEX, volume also records new peaks at the same time. Within one week, the statistics skyrocket 320% and catapult Solana to the head of rankings in DEX volume.

Jan 18: $28.2 billion
Jan 19: $39.2 billion

Trump and Melania Meme Coins: The Trigger that Gave the Solana a Boost

Definitely, the launching of Trump and Melania meme coins significantly influenced Solana’s recent surge. The early days after its launch saw strong enthusiasm, especially on the market cap, with the price of the Trump coin hitting a billion dollars easily. The price movement for the Melania coin was massive but later came tumbling down like that of the other coin.

Price Movements and Market Sentiment

Solana’s token reached its all-time high on January 19 at $261.78. As of now, it trades at $238.47, down 8%. Solana’s TVL is still in a state of rapid growth, up almost 50% last week.

Ethereum is not letting go of the top spot, sitting at a $65 billion TVL. However, second place is now comfortably occupied by Solana, with its $11 billion TVL, overtaking the rest.

Did Trump and Melania Meme Coins Help Solana’s Growth?

Even if the meme coin craze has thrown a spotlight on Solana, the ramifications look more like momentary buzz. These coins brought great bounces to the Solana ecosystem and its DEX volumes, but there are now resulting price corrections.

Trump Coin: From $74 dropped down to $37.50, representing a 26% fall
Melania Coin: Has since dropped from $13 to $4.48, that’s 47%.

Despite these corrections, the initial hype from these meme coins has certainly contributed to Solana’s rise. Of course, the token’s ecosystem has attracted a new wave of users and attention, mainly for the meme-based tokens.

What’s Next for Solana?

Recently, the TVL and DEX of Solana demonstrates its fast-emerging trend as a strong competitor in the blockchain world. Indeed, though Ethereum is still maintaining its dominance, Solana is gaining pace and shows a high probability of becoming another speediest grower with good prospects for competition against Ethereum. However, it still suffers from the issue of hype of meme coins and going further beyond the first boom.

In the future, Solana has proven that it can write a great chapter in the crypto world. Its ability to capitalize on meme coin mania and its solid blockchain framework set it up for a promising trajectory, but only time will tell if it can maintain that momentum.