After Trump and Melania made their explosive debut in the crypto market, Solana hit new all-time highs in both TVL and DEX trading volumes.
According to data from DeFi Llama, the total amount locked on the Solana (SOL) network reached an all-time high of over $12 billion on January 19th. This is the first time since November 2022 that Solana’s TVL has exceeded the $10 billion threshold.
Not only that, Solana’s DEX trading volume also reached an all-time high over the weekend. Solana’s DEX trading volume reached $28.2 billion on January 18th and $39.2 billion on January 19th. In the DEX trading volume ranking, Solana takes the top spot, posting a massive 320% gain over the past week.
At the time of writing, Solana’s price has fallen nearly 8% to $238.47 in the past 24 hours of trading. However, on January 19th, the token reached a high of $261.78.
Solana’s TVL surge is over $12 billion, representing an increase of nearly 50% over the past seven days. It crossed the $10 billion mark for the first time on January 18, the day after Donald Trump announced his first official meme coin. On January 19th, Solana’s TVL reached a new high of $12.19 billion.
On January 20th, Solana managed to maintain its TVL at the $12 billion level, but on January 21st, it fell slightly to $11 billion. As of this writing, Solana MEV Jito Foundation leads the way with the highest TVL, followed by major protocols such as Jupiter, Raydium, and Kamino.
Overall, Ethereum still holds the top spot, followed by Solana in second place. Ethereum’s TVL is approximately $65 billion, while Solana’s TVL is $11 billion. However, Solana’s TVL has risen over 33% over the past month, while Ethereum’s TVL has fallen by nearly 5%.
Did Trump and Melania accelerate Solana’s surge?
Solana is known as a powerful backing cryptocurrency for meme coins, and the Trump family’s official meme coin is no exception. TRUMP and MELANIA are both Solana-based tokens that reached multi-billion dollar market caps in just three days after their launch.
As Solana’s TVL fell, so did the price of Trump and Melania’s tokens.
In the past 24 hours, TRUMP has fallen 26% from $74 to just $37.50, according to data from crypto.news. Melania’s drop was nearly twice as high. It plunged 47% from $13 to just $4.48.
Apart from TVL, the influence of the presidential meme coin can also be seen in Solana’s DEX volume. As previously reported by crypto.news, Solana’s trading volume in the decentralized exchange industry also soared to a record high on January 19, reaching $19.47 billion.
