Multiple large-cap tokens based on Solana surged higher Saturday, and the blockchain’s native SOL token set fresh highs above $275 as the incoming U.S. president backed a new Solana-based TRUMP token Friday night, calling it his “official” memecoin.

Trump’s Solana-based memecoin has sparked controversy with allegations of insider trading, while major exchanges list the token and Solana’s ecosystem sees record activity.

Solana's SOL token rocketed after a meme coin linked to President-elect Donald Trump launched on the popular blockchain network.

Top-performing xrp (XRP) and Ethereum’s ETH saw profit taking early Saturday as a Donald Trump-themed “official” memecoin attracted $3 billion in its first few hours after being issued on the Solana network,

Despite the competitive memecoin market, the “Official Trump” (TRUMP) token quickly reached a $6.9 billion market capitalization. It was immediately listed on major exchanges, including Bybit, Bitget, and KuCoin. The memecoin launched with 200 million tokens in circulation and a total supply of up to 1 billion, with 80% allocated to the issuers.

Solana, the fourth-largest cryptocurrency by market cap excluding stablecoins, experienced a significant price surge on Saturday. According to Coin Metrics, the price of SOL increased by more than 12%,