Ethereum’s cryptocurrency keeps losing ground to rival tokens as it struggles to harness tailwinds created by President Donald Trump’s foray into a highly speculative corner of the digital-assets market.

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, calling it his “official” memecoin.

Coinbase users have experienced significant delays with Solana transactions following the launch of memecoins by former President Donald Trump and his wife Melania.

Trump’s memecoin mania has sent Solana to new all-time highs. Donald Trump launched his official memecoin on Solana on Jan. 17. The token recorded a

The 'official' memecoin of incoming U.S. President Donald Trump has boosted interest in Solana (SOL), leading to a surge in both its price and

Such fees are remarkably high for a low-cost blockchain, when transactions typically take fractions of a cent to settle.

Solana’s recent surge was mainly driven by Trump and his wife, Melania, launching two memecoins on the blockchain in the lead-up to his inauguration. Trump’s coin saw frenzied trading, reaching a market cap of $15 billion before a sharp decline.

The success of Solana-based tokens and growing institutional interest strengthen discussions around launching a Solana ETF, signaling a new phase of growth.

Donald Trump did not mention crypto during his inauguration speech, leaving crypto traders' heightened expectations somewhat unfulfilled.