Solana’s SOL token rocketed after a memecoin linked to President-elect Donald Trump launched on the popular blockchain network.
The price of SOL was up by more than 12% Saturday, according to Coin Metrics. Earlier, it surged nearly 23%.That move came ahead of Trump's inauguration Monday, which is widely expected to usher in a new era of innovation and productivity in the crypto industry, and on the day crypto villain Gary Gensler ended his term as chairman of the Securities and Exchange Commission.Solana is the fourth-largest cryptocurrency by market cap, excluding stablecoins.
The token has become so popular asset managers are seeking to issue exchange traded funds tracking its price. The decision deadline for potential ETFs from Bitwise, VanEck, 21Shares and Canary is approaching Jan. 25. ProShares on Friday evening also filed for four different ETFs based on SOL.
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