Trading under the ticker “Trump” on the Solana blockchain, the token’s market value jumped to $15 billion over the weekend, CoinMarketCap data showed, after the Republican touted it on his accounts. social networks Friday.
The digital asset’s market cap then fell below $10 billion on Sunday in New York after Trump’s wife Melania also unveiled a coin, attracting traders looking to capitalize on the rapid development of speculative demand for memes.
Meanwhile, the broader crypto market struggled over the weekend, including a decline in the largest token, bitcoin, and a sharper pullback in second-ranked ether. SOL, the crypto asset associated with the Solana digital ledger hosting Trump meme coins, bucked the trend and recorded a rally.
The “size of capital flowing” into the Trump token has left most other coins trading “poorly”, with the exception of SOL and some associated assets, said Sydney-based Richard Galvin, co-founder of the fund speculative DACM.