Solana hits new all-time highs in both TVL and DEX volume after the explosive debut of TRUMP and MELANIA on the crypto market.
According to data from DeFi Llama, the Solana (SOL) network’s total value locked reached a new all-time high of more than $12 billion on Jan. 19. This is the first time Solana’s TVL has crossed the $10 billion threshold since November 2022.
Not only that, Solana’s DEX volume also reached back-to-back all-time highs over the weekend. Solana’s DEX volume reached $28.2 billion on Jan. 18 and $39.2 billion on Jan. 19. On the DEX volume rankings, Solana has taken the top spot, surging by a whopping 320% in the past week.
At the time of writing, Solana’s price has gone down by nearly 8% to $238.47 in the past 24 hours of trading. However, on Jan. 19 the token reached as high as $261.78.
Solana’s TVL surge amounted to over $12 billion, signifying a nearly 50% increase over the last seven days. It first crossed the $10 billion mark on Jan. 18, the day after Donald Trump first launched his official meme coins. On Jan. 19, Solana’s TVL reached a peak of $12.19 billion.
On Jan. 20, Solana managed to maintain its TVL at the $12 billion mark, before dropping slightly on Jan. 21 to $11 billion. At the time of writing, Solana MEV Jito Foundation leads the charge with the highest TVL, followed by other major protocols including Jupiter, Raydium and Kamino.
Overall, Ethereum still holds the crown at first place with Solana tailing behind in second place. Ethereum’s TVL stands at nearly $65 billion while Solana’s is at $11 billion. However, whereas Solana’s TVL has seen a boost of more than 33% in the past month, Ethereum’s TVL has gone down by nearly 5%.
Did TRUMP and MELANIA fuel the Solana surge?
Solana is well-known for being the go-to backing crypto for meme coins, and the Trump family official meme coins are no exception. TRUMP (TRUMP) and MELANIA (MELANIA) are both Solana-based tokens with market caps that have reached billions in a span of only three days after they were launched.
As Solana’s TVL went down, so have the price of TRUMP and MELANIA tokens.
According to data from crypto.news, in the past 24 hours TRUMP has fallen by 26% from $74 to just $37.50. MELANIA suffered a worse fall by nearly two fold; plummeting 47%, from $13 to only $4.48.
Aside from TVL, the influence of presidential meme coins can also be seen in Solana’s DEX volume. As previously reported by crypto.news, Solana’s volume in the decentralized exchange industry also leapt to record highs on Jan. 19, reaching $19.47 billion.
