Solana's SOL token rocketed after a meme coin linked to President-elect Donald Trump launched on the popular blockchain network.

President-elect Trump has launched his own crypto token called Trump coin. In less than 24 hours, the coin has had a 12,000% gain and has seen billions in trading volume.

Trump announced the launch of his meme coin, $TRUMP, in a Truth Social post late Friday, saying the cryptocurrency is celebrating “WINNING” the presidential election and his upcoming inauguration.

President-elect Donald Trump promised a crypto-friendly administration. Days before taking office a second time, he began selling a new cryptocurrency. Named $TRUMP, the project is a so-called meme coin,

Donald Trump is promoting a Solana meme coin from his social media accounts. Elaborate hack or a truly wild new era for crypto?

Explore why investors are riding the iDEGEN wave amid the ongoing demand for meme coins like Donald Trump's TRUMP

US President-elect Donald Trump launched his official Trump meme coin on Saturday, January 18. The meme coin gained nearly 300% on the first day. Take a look at the gains compared to the other meme coins and cryptocurrencies.

The price of $TRUMP has risen by more than 300% to just below $29 as of 10:15 a.m. EST Saturday, reaching a market cap of $5.81 billion, according to CoinMarketCap.

The new Official Trump ($TRUMP) meme coin skyrocketed to a $21 billion fully diluted market cap – Next big meme coin, or too good to be true?

"The Trump meme coin stuff is bad for the industry. Don't delude yourself," Anthony Scaramucci wrote on Saturday.

President-elect Donald Trump launched a memecoin on Friday that quickly topped a $10 billion market cap after nearly just an hour. A tweet from his Truth Social account and his verified X account announced $TRUMP just before 10 PM EST.