30s Summary
Solana’s SOL token increased by 17% in 24 hours amidst growing speculation about a potential Solana exchange-traded fund (ETF) to be listed by VanEck and 21Shares. The rise in price reflects expected changes in cryptocurrency approach and boosts SOL’s market cap to over $85 billion, making it the fourth-largest token by market cap. There’s a possibility of Solana ETF gaining approval under a future Trump administration. Cboe’s July request to the SEC for permission to list potential Solana ETFs also propelled this surge. As a result, Solana’s trading volumes reached $8.8 billion in a 24-hour period.
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The price of the Solana SOL token has risen by 17% in just 24 hours, due to the expectations for a Solana exchange-traded fund (ETF) to be listed by VanEck and 21Shares, following the filings made by the Cboe with the SEC in July. This sharp hike in price was probably driven by the potential change in approach towards cryptocurrencies from a possible Trump administration.
These promising predictions also hint at the possibility of SOL surpassing ETH in terms of market cap, maybe even reaching $1000. The heightened interest in Solana even increased their market cap to over $85 billion, allowing it to become the fourth-largest token by market cap.
The reason why there’s so much buzz around a potential Solana ETF is because it could gain approval from a future Trump administration. Solana’s SOL token saw a surge, likely fueled by Trump’s lead over Kamala Harris in the recent U.S. elections, increasing the odds for an ETF approval for the token.
In July this year, Cboe had requested the Securities and Exchange Commission (SEC) for permission to list potential Solana ETFs by VanEck and 21Shares. This surge in Solana’s price and market cap led to it surpassing BNB Chain’s BNB and only trailing behind Bitcoin (BTC), Ether (ETH), and the stable coin USDT.
BTC increased by 8.4% and ETH added 6% during this period, and the CoinDesk 20, an index comprising the top 20 tokens by market cap, rose by 7%. As per data from Coingecko, trading volumes for Solana crossed $8.8 billion in a 24-hour period, a significant jump from the previous $3.2 billion.
The price surge happened around the same time that Donald Trump was gaining in the U.S. presidential race, leading key states and securing 240 electoral seats out of the required 270. A Trump tenure is believed to be positive for the crypto industry, as his administration is expected to be more lenient with its regulation of cryptocurrencies and more supportive towards business owners in this sector.