Solana blockchain crashes due to the launch of TRUMP and MELANIA meme tokens

Note: not an investment advice!

The activity on the Solana blockchain SOL $252.74 Solana -5.81% Market capitalization $122.98 billion VOL. 24 hours $5.35 billion has increased significantly due to the launch of the TRUMP and MELANIA meme tokens, which has caused the network to overload. As reported by Jito Labs, the Block Engine API, the main infrastructure provider, experienced «significant degradation» due to the unprecedented volume of transactions. Although the Solana network continued to process blocks, there were temporary problems with transaction transmission.

The launch of MELANIA caused a particularly big stir, as it grew by more than 21,000% in 24 hours, reaching a market capitalization of $ 11.39 billion. Meanwhile, the TRUMP token lost 36% of its value, dropping from $ 73 to $ 46, resulting in a loss of $ 5 billion in market capitalization.

The turbulence in the meme token market also affected the main cryptocurrencies. Bitcoin dropped to $ 99,622 and Ethereum to $ 3,150, but later both assets partially recovered to $ 108,560 and $ 3,423, respectively.

Analysts note that meme tokens associated with political figures have a significant impact on blockchain infrastructure and market stability. For example, CIC Digital LLC and Fight Fight Fight LLC control 80% of the TRUMP token supply, which emphasizes the centralized nature of such assets.

The events took place during the Martin Luther King Day celebrations in the United States, when traditional stock markets were closed and Donald Trump was preparing for his inauguration. This situation drew the attention of the crypto community to political tokens as a new factor of influence on the cryptocurrency market.

The No Worries editorial team strongly recommends that readers do not invest their own funds in dubious crypto projects and little-known digital tokens with high volatility!