By now everyone and their dog knows that Trump created a sh$tcoin called TRUMP which got instantly listed on Coinbase and got pumped into the multi billion market cap range.
What is not well known is that TRUMP was created on top of the Solana network, and there are a number of connections between President Trump's team and Solana.
Let us start with David Sacks. Sacks is going to be the new White House AI and Crypto czar. But because he will serve as a "special government employee" working just 130 days a year, he does not need to undergo confirmation hearings by the Senate, nor disclose his financial situation.
Sacks is invested in a fund called Multicoin, as he disclosed here: https://multicoin.capital/2018/03/12/why-we-invested-in-multicoin/
Multicoin is invested in a shedload of sh$tcoins, as you can see here: https://multicoin.capital/portfolio/ Solana and dozens of coins built on the Solana network are listed.
I personally think Solana is absolute rubbish, not least because it's constantly having network outages. A good cryptocurrency should never have a network outage, and any that does should die a merciful death. But Solana is being protected by influential bagholders. Not just David Sacks. Sam Bankman-Fried of FTX infamy, was also heavily invested in Solana.
Once David Sacks got the crypto czar job, it was inevitable that Solana and the coins built on it's network would be pumped. People shouldn't be surprised that President Trump was persuaded to build a meme coin on the Solana network.
A lot of bitcoiners and crypto people were hoping the Trump presidency would launch a golden age of crypto. But it looks like it's about Solana bagholders and Solana memecoins pumping and cashing out. Some innocent people will lose money, and that will be bad for crypto as a whole.
