{"id":15898,"date":"2024-08-07T13:59:20","date_gmt":"2024-08-07T10:59:20","guid":{"rendered":"https:\/\/forklog.com\/en\/solana-meme-coins-surge-amid-sol-etf-optimism\/"},"modified":"2024-08-07T13:59:20","modified_gmt":"2024-08-07T10:59:20","slug":"solana-meme-coins-surge-amid-sol-etf-optimism","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/solana-meme-coins-surge-amid-sol-etf-optimism\/","title":{"rendered":"Solana Meme Coins Surge Amid SOL-ETF Optimism"},"content":{"rendered":"

The “cat” meme token POPCAT increased in value by 35%, while the “dog” token WIF rose by 26%, according to CoinGecko<\/a>.<\/p>\n

The sharp rise of such Solana-based assets contrasts with competitors on other blockchains, which have not shown such positive dynamics.<\/p>\n

This divergence may be explained by Solana’s sharp rebound, recovering losses from Friday to Monday.<\/p>\n

At the time of writing, daily growth rates reached 10.2%. The cryptocurrency is valued at $153.1<\/a>. Other assets in the top 10 by market capitalization are increasing in value by 2.3%-5.2%.<\/p>\n

\"1-1143\"
Data: CoinGecko.<\/figcaption><\/figure>\n

According to DeFi Llama<\/a>, Solana’s transaction volume more than doubled\u2014from $1.5 billion on Monday to $3.3 billion. The amount of fees exceeded $750,000.<\/p>\n

The daily revenue generated by the platform Pump.fun jumped from $300,000 to $535,000.<\/p>\n

In a comment for CoinDesk, Lucy Hu from Metalpha explained the rise of SOL by growing optimism regarding a cryptocurrency-based ETF.<\/p>\n

On July 8, Cboe BZX filed a form 19b-4 for the 21Shares Core Solana ETF and VanEck Solana Trust.<\/p>\n

According to the rules, the agency has 240 days to decide whether to approve the rule changes necessary to list VanEck and 21Shares products on the platform.<\/p>\n

Bloomberg analyst Eric Balchunas believes the SEC<\/span> could register the instrument by mid-March 2025. The outcome of the U.S. presidential election in November will be key in this regard.<\/p>\n

Earlier, Matthew Sigel, head of digital asset research at VanEck, reached similar conclusions.<\/p>\n

Previously, the possibility of the cryptocurrency becoming the basis for the next ETF was suggested<\/a> by Matrixport co-founder Daniel Yan. Jeffrey Kendrick, head of research at Standard Chartered, also predicted<\/a> the emergence of an instrument on SOL in 2025.\u00a0<\/p>\n

This view is shared by Ripple CEO Brad Garlinghouse and Galaxy Digital CEO Mike Novogratz.<\/p>\n

In June, digital asset manager 3iQ filed an application to register the first Solana-ETF in Canada with a staking reward option (6\u20138% per annum).<\/p>\n

Earlier, market maker GSR positively assessed SOL’s growth potential in the event of an exchange-traded fund launch. Analysts believe the cryptocurrency could increase in value by 1.4\u20138.9 times.<\/p>\n

Previously, Robert Mitchnick, head of digital assets at BlackRock, expressed doubt about expanding the list of approved crypto-ETFs in the near term.<\/p>\n","protected":false},"excerpt":{"rendered":"

The “cat” meme token POPCAT increased in value by 35%, while the “dog” token WIF rose by 26%, according to CoinGecko. The sharp rise of such Solana-based assets contrasts with competitors on other blockchains, which have not shown such positive dynamics. This divergence may be explained by Solana’s sharp rebound, recovering losses from Friday to […]<\/p>\n","protected":false},"author":1,"featured_media":15897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,1145,1161,1159],"class_list":["post-15898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-market-analysis","tag-memes","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15898"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15898\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15897"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}