The rise in DEX token prices coincided with the launch of an “official” Trump meme coin on Solana.
Solana DEX tokens like Raydium, Jupiter, and Orca prices were among the top gainers in the hours that followed.
Radium (DID), the largest decentralized exchange on Solana (SOL).
Jupiter (Jump), the largest ever exchange on the chain, rose to $0.85, bringing its valuation to $1.1 billion. Orca (ORCA) soared to $3.85, with its daily volume rising 50% to $52 million.
This increase occurred after President-elect Donald Trump, who was inaugurated on Monday, January 20, launched an official Trump (TRUMP) meme coin on Solana.
As a result its market cap increased to $3.6 billion and the fully diluted valuation hit $18.2 billion.
Most of these DEX networks saw a huge increase in daily volume amid the popularity of the meme coin. Raydium's daily volume rose to $5.31 to $5.31 billion, its highest daily gain ever.
Orca's daily volume of $2.73 billion was also the highest ever recorded, with most of this volume related to the new coin Trump meme. Jupiter's daily volume jumped 27%, becoming the second-largest player in perpetual futures after Hyperliquid.
Data on chain shows many large purchases of the TRUMP token. According to Nansen, the largest purchase of the token was about $117.9 million.
There were 14 transactions worth more than $14 million in the past 24 hours, making it the biggest debut in the crypto industry. About 150 investors with a smart money tag on Nansen bought the token.
The TRUMP token has jumped because he will be the next president on Monday, giving him the power to influence policy on crypto. Trump plans to prioritize crypto projects based in America and make the business a top priority in his reign.
However, it is unclear whether the mark will continue to do well after Trump's inauguration next week. Meme coins often rise first as retail investors embrace the fear of missing out and then pull back as smart money investors do. and owners start selling.
Jupiter, Raydium, and Orca have also done well because of Solana's growing ecosystem. according to CoinGeckoSolana meme coins are worth more than $22 billion, with their 24-hour volume rising to $11 billion.
