Official Trump memecoin surges 30% as Solana tokens pace the market

The memecoin from President Donald Trump is having a strong day, rallying more than 30% to reach its highest level in two weeks.

The Solana-based Official Trump, which is currently the 34th-largest cryptocurrency by market cap, has witnessed $3.4 billion of trading volume over the last 24 hours. Just 20% of TRUMP tokens (200 million) are currently unlocked and the remaining 80% have been allocated to a company associated with Trump and the team that set the token up.

Official Trump traded around $21.32 at publication time, according to The Block's TRUMP price data . In the past day, the overall crypto market is up about 3%, with the GMCI 30 jumping 4%.

Other Solana-based coins are outperforming the market on Friday, with Jupiter up 17% and Jito up 14.5%, according to The Block's price data . while Solana itself is up about 4.5%. Meanwhile, the world's largest cryptocurrency is up about 1.1%, with bitcoin sitting around $97,700 level.

Earlier Friday, The U.S. Securities and Exchange Commission's Crypto Task Force met with Jito Labs and Multicoin Capital to discuss the ability to include staking as a feature in exchange-traded products.

Official Trump was listed for trading Thursday morning on Upbit, the largest crypto exchange in South Korea. The platform now supports TRUMP in trading pairs with KRW, BTC and USDT. The memecoin also received some bullish commentary from former BitMEX CEO Arthur Hayes, who trumpeted the token's potential in a Thursday blog post.

Hayes contends that President Trump checks the price of his memecoin as often as he checks the level of the SP 500, "which is to say all the f*cking time."

"$TRUMP is down roughly 80% from its high, and Bitcoin has not retaken $110,000 (the level it reached at the height of $TRUMP mania)," Hayes wrote . "I believe that if crypto sentiment is improving, $TRUMP will lead Bitcoin. If some policy that those in the political know believe will positively impact crypto, $TRUMP will surge well before the positive news is announced, and then Bitcoin will follow."

The Trump-backed DeFi protocol World Liberty Financial recently announced a new strategic token reserve that aims to support major crypto like Bitcoin and Ethereum, potentially giving renewed utility to its struggling WLFI governance token. However, some critics argue that WLFI’s structure allows the Trump family to profit from political influence while offering no direct claims to the reserve for token holders.