Search for Solana and crypto rise amid TRUMP memecoin launch

The launch of the TRUMP (CRYPTO:TRUMP) memecoin has led to a significant increase in search volumes for "buy crypto" and "buy Solana," reaching peak interest levels according to Google Trends.

This surge reflects heightened public curiosity, particularly among non-crypto enthusiasts drawn in by the buzz surrounding the President-elect's Solana-based token.

Both search terms hit a score of 100, indicating maximum interest, alongside similar spikes for "Coinbase" and "crypto app."

The TRUMP memecoin's introduction has generated mixed reactions, initially met with scepticism from traders questioning its legitimacy due to numerous knock-off tokens.

However, following confirmation from Trump's team regarding the coin's authenticity, its price skyrocketed, achieving a fully diluted market value of approximately $67 billion.

The memecoin's rapid ascent also positively impacted Solana’s (CRYPTO:SOL) native asset, SOL, which reached new all-time highs of $270.

Market analyst Arthur Hayes predicts that the TRUMP token could reach a fully diluted value of $100 billion by the time of Trump’s inauguration on January 20, 2025.

Hayes noted that such memecoins could potentially foster political accountability within blockchain ecosystems.

Despite the initial excitement, concerns linger regarding the implications of such speculative assets on investors.

Critics have labeled the memecoin as predatory, suggesting it exploits political themes for profit while warning that many investors may face losses as hype fades.

As the cryptocurrency landscape evolves with this new development, analysts are closely monitoring how these trends will influence regulatory discussions under the incoming administration.

In light of Trump's previous hesitance towards cryptocurrencies, his recent embrace signals a potential shift in policy direction favoring the digital asset space.  

At the time of reporting, the Solana (SOL) price was $239.09.