A surge in DEX token prices coincided with the launch of the so-called “official” Trump meme coin on Solana.
Solana DEX tokens like Raydium, Jupiter, and Orca prices were among the top gainers in the hours that followed.
Raydium (RAY), the biggest decentralized exchange on Solana (SOL), rose to $6.95, its highest level since Dec. 31 and 5,730% from its lowest point in 2023. Its rally pushed its market cap to almost $2 billion.
Jupiter (JUP), the largest perpetual exchange on the chain, rose to $0.85, bringing its valuation to $1.1 billion. Orca (ORCA) soared to $3.85, with its daily volume rising by 50% to $52 million.
This surge happened after President-elect Donald Trump, to be inaugurated on Monday, Jan. 20, launched the Official Trump (TRUMP) meme coin on Solana.
The token saw its market cap surge to $3.6 billion and the fully diluted valuation hit $18.2 billion.
Most of these DEX networks saw a sharp increase in daily volume amid the meme coin’s popularity. Raydium’s daily volume rose to $5.31 rose to $5.31 billion, its highest daily gain on record.
Orca’s daily volume of $2.73 billion was also its highest increase on record, with most of this volume being related to the new Trump meme coin. Jupiter’s daily volume jumped by 27%, becoming the second-biggest player in the perpetual futures after Hyperliquid.
On-chain data show many big purchases of the TRUMP token. According to Nansen, the biggest purchase of the token was about $117.9 million.
There were 14 transactions worth over $14 million in the last 24 hours, making it the biggest debut in the crypto industry. Roughly 150 investors with a smart money tag on Nansen bought the token.
The TRUMP token has jumped because he will become the next president on Monday, giving him power to influence policy on crypto. Trump is planning to prioritize American-founded crypto projects and make the industry a key priority in his administration.
Still, it is unclear whether the token will continue doing well after Trump’s inauguration next week. Meme coins often rise initially as retail investors embrace the fear of missing out and then they pullback as smart money investors and insiders start to sell.
Jupiter, Raydium, and Orca have also done well because of the growing Solana ecosystem. According to CoinGecko, all Solana meme coins are valued at over $22 billion, with their 24-hour volume rising to $11 billion.
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