Solana (SOL), one of the leading cryptocurrencies globally, has reached a new all-time high, driven by unexpected developments that caught the market’s attention.
The surge followed the announcement that U.S. President Donald Trump had launched a memecoin operating on the Solana blockchain.
This unusual move fueled significant excitement among investors, propelling SOL’s price beyond its previous record.
Currently trading at approximately $251 after a slight correction, Solana managed to surpass its previous high of $263. The altcoin experienced a remarkable 20% price increase in the past 24 hours, although its volatility remains notably high.
Despite this impressive rally, Solana holds its position as the fifth-largest cryptocurrency by market capitalization, trailing just behind Tether.
Cryptocurrency exchanges that introduce altcoins may find themselves trapped in an endless cycle of listing speculative tokens, particularly memecoins, warns Alex Leishman, CEO of River Financial.
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