Dogecoin Dips as Official Trump Meme Coin Steals the Spotlight—And Solana Spikes

President-elect Donald Trump launched an official TRUMP meme coin on Solana late Friday, attracting billions of dollars' worth of trading volume as the coin vaulted into the top 40 cryptocurrencies by market cap. But other major meme coins appear to be falling in price as traders sell to ape into TRUMP instead.

Dogecoin, for example, rose to a more than one-month peak price of above $0.43 on Friday night before the TRUMP news began widely circulating. Quickly, it fell, dropping to a current price of $0.397 as likely sales drove down the price.

DOGE is down 8% from that late Friday peak, and 3% over the last 24 hours. But it's still up 18% on the week thanks to sizable gains in recent days.

Other major meme coin charts look similar, with Shiba Inu (SHIB) and Pepe (PEPE) among those coins that have fallen since the TRUMP token gained steam on Friday. SHIB is now down 6% on the day, with Pepe down 5%.

Not every meme coin is faring as badly, however. A pair of prominent Solana-based meme coins, Bonk (BONK) and SPX6900 (SPX), have seen only modest dips since Friday night and remain substantially up over the past day.

And Fartcoin (FARTCOIN) is only seeing explosive demand, with the Solana meme coin rising to a new all-time high price of $1.75 on Saturday morning. The coin has more than doubled in price over the last week.

Solana appears to be the key connective tissue here as the network that Trump's team chose for the TRUMP token. Solana itself has jumped by 10% over the past 24 hours, making it the biggest gainer in the top 10 cryptocurrencies during that span, and rose as high as nearly $244—the highest price seen since November.

Additionally, the tokens of leading Solana decentralized exchanges are booming thanks to the TRUMP demand, with Jupiter's JUP token up 20% on the day and Raydium's RAY rising 19%.

TRUMP is currently sitting at a price of about $21 after nearly touching $24 earlier Saturday. The Solana token now has a market cap above $4 billion, making it the 38th most valuable coin on the market, with CoinGecko reporting some $6.8 billion worth of trading volume since Friday night's launch.