Late on Friday, President-elect Donald Trump launched an official TRUMP meme coin on Solana. As the market capitalization of cryptocurrencies jumped into the top 40, it attracted billions of dollars in trading volume. But other major meme coins seem to be falling as traders switch to selling to imitate Trump.

For example, Dogecoin rose to a more than one-month high of above $0.43 on Friday night before Trump's news began to spread widely. Soon, it fell and dropped to the current $0.397 as possible sales pushed the price down. DOGE is down 8% from its peak late on Friday and 3% in the past 24 hours. But it is still up 18% this week due to the sharp rise in recent days.

The charts of other major meme coins look similar. Shiba Inu (SHIB) and Pepe are among the coins that have fallen since Trump's token gained momentum on Friday. SHIB is down 6% today and Pepe is down 5%.

However, not all meme coins are performing so poorly. A pair of famous Solana-based meme coins, Bonk (Bonk) and SPX6900 (SPX), have only declined slightly since Friday night and have maintained a significant increase in the past day.

There is also FARTCOIN, which has only seen explosive demand. On Saturday morning, the price of the Solana meme coin rose to a new all-time high of $1.75. Last week, the price of this coin more than doubled.

Solana seems to be the key connective tissue of the network chosen by Trump's team for the Trump token. Solana itself is up 10% in the past 24 hours, making it the largest gainer among the top 10 cryptocurrencies during this period and rising to nearly $244, the highest price since November.

In addition, due to the demand for TRUMP, the tokens of the leading Solana decentralized exchanges are booming. Jupiter's JUP token is up 20% on the day and Raydium's RAY is up 19%.

Trump is currently priced at about $21 and was close to $24 earlier on Saturday. Solana token now has a market capitalization of over $40 billion, making it the 38th most valuable coin in the market. Since its launch on Friday night, CoinGecko has reported a trading volume of about $68 billion.