- VanEck and 21Shares filings for a spot Solana ETFüstü lifted sentiments, and the price surged by 11% to US$150.
- Solana outpaces Ethereum in daily DEX trading volume, underpinning its increased dominance in the decentralized exchange.
- It was the Solana meme coins that really outclassed ETH memes in performance, with community interest seeing notable gains like the surge of the market capitalization of Billy.
Solana has been in the news due to its performance, hinting at a bright future for this crypto asset. Among them was when VanEck and 21Shares filed for Spot Solana ETFs. As expected, that was quite good for the markets as this sent the price up by 11% to $150. These ETFs look to allow investors to invest in Solana’s blockchain ecosystem easily without much hassle.
Another bullish sign for a new ATH for SOL is the fact that the reputed crypto analyst Doctor Profit just bought more Solana (SOL). This analyst, known for his accurate predictions, says that SOL will see a new ATH in Q3 of 2024.
Growing Institutional Interest
The VanEck Solana Trust seeks to reflect Solana’s performance and capitalize on its decentralized nature and high utility. This trust will use the MarketVector Solana Benchmark Rate index for daily valuation, based on prices from the top five SOL trading platforms.
Similarly, 21Shares’ Spot Solana ETF filing with the U.S. Securities and Exchange Commission (SEC) aims to offer an exchange-traded product on the Cboe BEZX exchange. This shows the growing institutional interest in Solana as a valuable digital asset.
Performance and Market Trends
Solana’s performance has also led it to surpassing Ethereum (ETH) in several metrics. According to DefiLlama, Solana recorded a daily DEX trading volume of $1.148 billion, higher than Ethereum’s $745 million. This highlights Solana’s increasing dominance in the decentralized exchange (DEX) space.
Reports indicate that most SOL meme coins launched in late 2023 or 2024 yielded an average return of 8,469%, compared to 962% for ETH memes. Notable meme coins like Billy (BILLY) have surged in market cap, with Billy reaching $117 million. This growth can be attributed to community efforts and significant interest in the Solana ecosystem.
Celebrity Influence and Market Dynamics
Celebrity endorsements have also played a role in boosting Solana meme coins. For instance, Ariana Grande’s promotion of the Michi meme coin resulted in an 18% price jump. However, the increased attention has also attracted scams, as seen with the hacking of Sydney Sweeney’s official X account to promote a fake Solana-based meme coin.
Despite challenges, the overall sentiment around Solana remains bullish. Analysts like Eric Balchunas from Bloomberg suggest that there is a chance for the approval of Solana ETFs within the next 12 months, especially with potential changes in SEC leadership after the U.S. presidential elections.
Solana’s recent achievements, from ETF filings to outperforming Ethereum in trading volumes and meme coin returns, show its growing prominence in the crypto market. As institutional interest and community support continue to rise, Solana appears well-positioned for further growth, with a potential for new all-time highs in the near future.
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