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Solana’s TVL Crosses $10B for First Time Since FTX Collapse After TRUMP Memecoin Launch

The "official" memecoin of incoming U.S. President Donald Trump has boosted interest in Solana (SOL), leading to a surge in both its price and trading volume, which in turn helped the total dollar value locked (TVL) on the network top $10 billion for the first time since the collapse of FTX. Donald Trump’s choice of issuing the memecoin on Solana helped SOL rise more than 23% since its announcement, moving the cryptocurrency’s price to a new all-time high and boosting the dollar value locked on its smart contracts. Data from DeFiLlama shows TVL on Solana is now at $12 billion, a new all-time high. Measured in SOL, the value locked on the network has been steadily growing since the beginning of last year and recently topped 45 million SOL. This level hasn’t been seen since August 2022, ahead of the collapse of FTX, whose co-founder Sam Bankman-Fried was a major Solana proponent. The launch of Donald Trump’s official memecoin, $TRUMP, was co-ordinated by CIC Digital LLC, a Trump-affiliated organization, the BBC reported . Together with Fight Fight Fight LLC, they own 80% of the memecoin’s supply set to be released over the next three years. The memecoin, which has been dominating headlines in the space and is set to be listed on major cryptocurrency exchanges including Binance and Coinbase, is currently the third-largest across all blockchains behind Shiba Inu and Dogecoin in terms of market capitalization. The token was launched by a team including Solana ecosystem protocols Jupiter and Meteora and led to a trading frenzy on the network’s decentralized exchanges, with DeFiLlama showing Raydium surpassed Tether in 24-hour fee generation. Moonshot, the memecoin trading platform featured on the memecoin’s website posted on social media by President-elect Donald Trump, reported a 12-hour trading volume of nearly $400 million after the memecoin launched, adding it onboarded over 200,000 users onto the network in the process. https://x.com/moonshot/status/1880659326395666759 The network choice also helped boost the perceived odds of a spot Solana exchange-traded fund (ETF) being launched in the first half of the year. Polymarket traders went from weighing a 43% chance such a product would be launched by July 31, to 61%. The trading frenzy came during the weekend, when trading volumes are typically muted as many institutional investors and professional traders are less active. This means that speculative activity on the network could well continue during the week. Beyond that, the memecoin’s launch is bringing Solana an influx of new users and presents the network, which has suffered multiple major outages , with an opportunity to showcase its robustness. If it withstands the test, the Solana ecosystem could keep on seeing significant inflows. The introduction of Trump`s token also signals the U.S. government`s change in stance toward the cryptocurrency sector and offers it increased legitimacy, as the President of the world’s largest economy has quite literally launched a Solana-based memecoin. The memecoin’s rollout signals a “change in US fintech policy towards much more permissive innovation,” crypto OG and Shapeshifter founder Erik Voorhees commented . Bitzo

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Ripple, Coinbase, Kraken, Robinhood and Circle Have Donated Millions of Dollars to Trump Since Election: Report

Leading crypto firms have reportedly made seven-figure donations to incoming President Donald Trump’s inaugural committee since the November 2024 US election. Politico reports that Ripple, Coinbase, Kraken, Robinhood and Circle shelled out at least $10 million for Trump’s inauguration and related events. Blockchain payments firm Ripple, which faced enforcement action from the U.S. Securities and Exchange Commission (SEC) over the sale of the XRP tokens, made the biggest donation among crypto firms. A Ripple spokesperson says the San Francisco-based firm doled out $5 million in digital tokens to Trump’s inaugural fund. Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty also plan to attend the inauguration on Monday, January 20th. Meanwhile, retail trading giant Robinhood, which supports cryptocurrencies in its platform, donated $2 million. US-based crypto exchanges Coinbase and Kraken along with USDC stablecoin issuer Circle contributed $1 million each. Says Coinbase vice president for US policy Kara Calvert, “I think it’s important to ensure that [the] industry… can engage with this administration and engage in a meaningful way during the transition period. This is the most pro-crypto president that we’ve ever seen, and he has made a platform clear now for months. And that is a really attractive characteristic right no w.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Ripple, Coinbase, Kraken, Robinhood and Circle Have Donated Millions of Dollars to Trump Since Election: Report appeared first on The Daily Hodl . Bitzo