Following $TRUMP and $MELANIA‘s exciting crypto market launches, Solana reaches new all-time highs in TVL and DEX volume.
DeFi Llama data indicates that on January 19, the total value locked in the Solana network hit a new record high of over $12 billion. Since November 2022, Solana’s TVL has not surpassed the $10 billion mark till now.
Over the weekend, Solana‘s DEX volume hit successive all-time highs. On January 18 and 19, Solana’s DEX volume was $28.2 billion and $39.2 billion, respectively. Solana is now at the top of the DEX volume rankings after rising by a staggering 320% in the last week.
Solana DEX volume and TVL reached several ATHs Following the debut of TRUMP and MELANIA
Solana’s price has dropped by over 8% to $238.47 over the previous trading day. Nevertheless, the token hit $261.78 on January 19.
Over $12 billion was Solana’s TVL spike, an almost 50% increase over the previous seven days. On January 18, the day Donald Trump introduced his official meme coins, it surpassed the $10 billion milestone. Solana’s TVL peaked on January 19 at $12.19 billion.
After maintaining its TVL at $12 billion on January 20, Solana had a minor decline to $11 billion on January 21. With the largest TVL as of this writing, the Solana MEV Jito Foundation is at the forefront, followed by other significant protocols like Raydium, Kamino, and Jupiter.
All things considered, Ethereum continues to dominate the market at the top, with Solana coming in second. Solana’s TVL is $11 billion, while Ethereum’s is nearly $65 billion. However, Ethereum’s TVL has fallen by around 5% during the past month, whereas Solana’s TVL has increased by more than 33%.
Was the Solana rise fueled by MELANIA and TRUMP Memecoins?
The official meme currencies of the Trump family are just another example of Solana’s reputation as the preferred cryptocurrency backing memes. Within three days of their inception, the market capitalizations of two Solana-based tokens, TRUMP and MELANIA meme, have risen to billions.
TRUMP and MELANIA token prices have decreased Alongside Solana’s TVL. TRUMP dropped 26% on the last day, from $74 to barely $37.50, according to data from crypto news. Melania saw a nearly double decline, falling 47% from $13 to just $4.48.
In addition to TVL, Solana’s DEX volume demonstrates the impact of presidential meme coins. On January 19, Solana’s volume in the decentralized exchange sector soared to all-time highs, hitting $19.47 billion.
