Solana Price Outshines Ethereum As SOL’s TVL Hits New Lifetime Peak, Thanks To Trump Memecoin Frenzy

The rollout of Donald Trump’s official meme coin on Solana has boosted not only the crypto’s price and trading volume but also the total dollar value locked (TVL). The TVL on Solana has crossed the $10 billion mark for the first time since the implosion of Sam Bankman-Fried’s FTX exchange and hit a new historic high of over $12 billion. SOL Price Bags New ATH Against Ether The price of Solana smashed a new record high of $0.0936 against Ethereum (ETH) on Jan. 19 amid frenzied trading in the $TRUMP meme coin. The SOL/ETH pair has, however, retracted to 0.0768 as of publication time. SOL has rocketed about 3,000% from its three-year low of $9 back in December 2022 when the collapse of digital asset exchange FTX and high-profile Solana backer Sam Bankman-Fried, dented sentiment for the network. On Sunday, SOL punched past a new all-time high of $293.31. Solana’s outstanding price action in recent days can be attributed to the meme coin backed by U.S. President-elect Donald Trump, Official TRUMP, which has spurred huge interest in SOL, resulting in a considerable increase in both its price and trading volume. Shortly after, Trump’s wife, Melania also launched her own memecoin, MELANIA, on the Solana network. Solana TVL Hits New $12 Billion High Additionally, Solana’s total dollar value locked has set a new high. Solana DeFi protocols now have more than $12 billion in TVL after topping $10 billion, according to data tracked by DeFiLlama. This level has not been seen since August 2022, just before FTX went under and rocked the fifth-largest blockchain ecosystem by market cap. Notably, in USD terms, Solana has surpassed its closest competitor, TRX, which holds $7.3 billion. Ethereum TVL, meanwhile, sits at a vast $66.8 billion. Solana’s rocketing TVL is a clear indicator of user activity and transaction fees, both of which are important for fostering sustainable growth and bolstering further trader adoption. Additionally, it suggests there is still more room for SOL’s price to run. It’s worth noting that the Trump family’s memecoins launch is bringing Solana an inrush of new users and gives the network, which is prone to major outages , a chance to display its robustness. If it passes the test, the Solana ecosystem could continue witnessing massive inflows.