Dogecoin Plunges as Official Trump Meme Coin Steals the Show and Solana Points

President-elect Donald Trump launched a official TRUMP coin on Solana Friday evening, attracting billions of dollars in trading volume as the coin climbed into the top 40 cryptocurrencies by market capitalization. But other major meme coins appear to be seeing their prices fall as traders sell to ape TRUMP instead.

Dogecoinfor example, hit a more than one-month high price above $0.43 Friday evening before news of TRUMP began circulating widely. Quickly, it fell, falling to a current price of $0.397, with likely sales driving the price lower.

DOGE is down 8% from Friday evening’s peak and 3% over the past 24 hours. But it remains up 18% over the week thanks to significant gains in recent days.

Other major coin charts look similar, with Shiba Inu (SHIB) and Pepe (PEPE) among the coins that have fallen since the TRUMP token gained momentum on Friday. SHIB is now down 6% on the day, and Pepe is down 5%.

However, not all meme pieces fare equally poorly. A pair of prominent Solana-based meme coins, Bonk (BONK) and SPX6900 (SPX), have seen only modest declines since Friday evening and have remained significantly higher over the past day.

And Farcoin (FARTCOIN) is only seeing explosive demand, with the Solana meme coin hitting a new all-time high price of $1.75 on Saturday morning. The price of the coin has more than doubled over the past week.

Solana appears to be the key connective tissue here as the network that the Trump team chose for the TRUMP token. Solana itself jumped 10% in the last 24 hours, making it the biggest gainer among the top 10 cryptocurrencies during this period, and reached almost $244, the highest price never seen since November.

Additionally, tokens from major decentralized exchanges Solana are booming thanks to demand for TRUMP, with Jupiter’s JUP token up 20% on the day and Raydium’s RAY up 19%.

TRUMP is currently trading at a price of around $21 after nearly touching $24 earlier on Saturday. The Solana token now has a market capitalization above $4 billion, making it the 38th most valuable coin on the market, with CoinGecko reporting approximately $6.8 billion in trading volume since Friday evening’s launch.