Solana ETF News Pumps SOL Price - Best Solana Tokens To Watch

SOL saw a sharp rise in its price following the news that renowned investment managers VanEck and 21Shares have submitted applications to launch the first-ever Solana-based exchange-traded fund (ETF) products in the United States.

According to CoinmarketCap, the fifth largest cryptocurrency by market cap has soared by more than 16% in the last 7 days as analysts speculate whether SOL could be the next cryptocurrency ETF to receive SEC’s regulatory approval.

More On The Solana ETF News

VanECK’s Solana ETF filing with the SEC was disclosed by its head of digital asset research, Matthew Sigel on June 27. In a Twitter post, Sigel expressed optimism that the application will be approved and VanEck will become the first digital asset manager to offer a SOL-based ETF in the country.

Described as the VanEck Solana Trust, Sigel explained that the new product will leverage Solana’s decentralized attribute, high utility, and market appeal to gain traction. If approved, VanEck plans to list the fund on the Cboe BZX Exchange.

I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.

Some thoughts on why we believe SOL is a commodity are below.

Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2
— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024

Barely 24 hours after this announcement, another popular investment and crypto native financial technology company, 21Shares also filed its own Solana ETF application with the SEC. This development makes 21Shares the second firm to apply for a spot Solana exchange-traded fund after VanEck.

We have another spot sol ETF filing…

This one from 21Shares.

Here we go again. pic.twitter.com/ujumjpdKbM
— Nate Geraci (@NateGeraci) June 28, 2024

Meanwhile, these filings come barely a week after another crypto asset manager 3iQ applied for the first Solana ETF in Canada, emphasizing the increasing mainstream attention on crypto.

Earlier, the SEC approved the first-ever Bitcoin exchange-traded funds and is also gearing up to give its final approval for Ethereum ETFs to go live in the United States.

The regulator’s U-turn in its stance on the applications placed a lasting end to the age-long arguments on the status of ETH, making it more of a commodity rather than a security.

VanEck also believes Solana is a commodity since it functions in a similar way as Ethereum and Bitcoin. At the time of writing, not less than $1 billion worth of Solana exchange-traded products are offered worldwide, emphasizing the great enthusiasm around the ecosystem.

Experts Anticipate Bullish Run For Solana Amid ETF News

Despite the high volatility in its price, Solana has witnessed a great surge in its overall trading activity and active addresses within the past few months. Conor Kenny, a top crypto YouTuber with over 197k subscribers, attributes this to the resurgence of meme coins in the ecosystem.

In recent months, tokens in this niche, including Bonk, dogwifhat, and Popcat have been capitalizing on Solana’s high throughput, low cost, and economic feasibility to attract a wide range of investors and stay high on the global meme coin charts.

Renowned as one of the fastest-growing blockchains in the world, Solana has built a strong reputation for nurturing emerging meme coins into multi-billion projects. The uptick in the demand and trading volume of these meme coins has significantly impacted the performances of SOL on the price charts.

That being said, with the news that the first SOL ETF could be coming to the United States soon, experts are anticipating a more bullish sentiment for Solana and projects running within its ecosystem, including meme coins.

A leading crypto market maker GSR Markets, in a June 27 report, says the possible approval of the filing could position SOL as a potential candidate for 9x gains. If this prediction is anything to go by, the SOL price may be heading to over $1,320 level soon.

Describing Solana as one of the “cryptos big spree,” GSR estimates that the token’s ETF product will quickly gain ground like its Bitcoin counterpart which has seen up to $14.4 billion in cumulative inflows. The market maker expects spot Solana ETFs to take at least 14% of the flows recorded by Bitcoin ETFs since launching last January.

While GSR has taken an optimistic stand, popular Bloomberg ETF expert James Seyffart feels only a change in government can trigger the approval of the SOL ETF.

The knee jerk reaction here is 'oh this will never be approved bc there aren't Solana futures' agree but.. if change at POTUS i think anything poss. Just imagine Hester Peirce (or someone like that) running the SEC..
— Eric Balchunas (@EricBalchunas) June 27, 2024

Amid Joe Biden’s harsh stance towards crypto, prominent figures in the crypto community have drummed up support for his major contender Donald Trump, donating millions in crypto to his campaign project. It is believed that the outcome of the imminent presidential elections in the United States will decide the future of the crypto economy in the country.

Nonetheless, as the news surrounding Solana ETF applications dominate the airspace, investors are now watching closely and eager to capitalize on the next meme coins within the ecosystem that could potentially bring substantial ROI.

For those interested, here are the two Solana meme coins to look out for:

Sealana (SEAL)

Sealana has emerged as one of the hottest Solana token presales creating a buzz among degen investors. Introduced around May 2024, Sealana has been riding the hype around Solana crypto projects to lure the attention of the investing community.

The project has an interesting novelty that narrates the tale of an American redneck seal who jettisoned his handsome youthful personality after becoming obsessed with crypto trading. With a lofty ambition to find the next big meme coin on Solana and make riches trading crypto, Sealana developed a likeness for traders’ inspired Coke and canned tuna diet.

At its core, Sealana uses a humorous tone to make references to pop culture. Hence, it is no surprise that its recent social media memes have featured SEAL in an American setting. For instance, Sealana’s presale post demonstrates how SEAL just woke up from a “long night of drinking, doing American Seal things, and blacking out.”

Sealana has also taken a dive into the upcoming presidential elections in the United States, with numerous memes on Donald Trump and “Redneck Lives Matter” on its X page. With that, the new Solana-based meme coin has continued to keep its community engaged and entertained.

At press time, Sealana has officially ended its presale, raising upwards of $6 million. However, due to increasing demand, the project is still giving a rare opportunity for degen investors to buy the token at its discounted rate of $0.022 before it opens for DEX trading on July 2.

Ahead of its eagerly-anticipated airdrop and IEO launching, well-known crypto channel 99Bitcoins has tipped Sealana to outshine many of its predecessors on Solana, becoming the new 100x winner.

Another expert who has spoken about Sealana’s explosive potential is Conor Kenny. In a recent video, the reputable crypto bull analyzed how Sealana’s presence on Solana has greatly impacted its market credibility.

To partake in Sealana’s first airdrop event, investors must buy the token on its official website, sealana.io on or before July 1 at 1pm (UTC). Any purchase made after that ultimatum will only be claimed upon the completion of the initial airdrop.

To stay updated with the project’s development, announcements, and connect with its community, follow Sealana on X or join its Telegram channel.

Buy Sealana (SEAL)

Mega Dice (DICE)

Built on Solana, DICE is the native token of the world's first regulated Telegram casino and betting platform, Mega Dice. Despite being a new gambling platform, Mega Dice has quickly established itself as the favorite destination of many casino and sports betting enthusiasts who are seeking to elevate their gaming endeavors.

Mega Dice presents a vast gambling ecosystem that covers a wide range of casino games and sports betting options. From high-RTP slots to entertaining live casino and table games, Mega Dice ensures there's something for everyone.

It also has a complete sportsbook, featuring some of the most popular betting markets worldwide, and an esports segment where gamblers can wager on virtual games, especially when real athletes are at rest. Additionally, when it comes to customer support, payment system, bonuses, and security, Mega Dice also stands out.

With the launch of its native token, Mega Dice is stepping into the crypto arena in a new dimension. Those who wager on games with DICE will be able to unlock higher rakebacks and even VIP bonuses. More so, through DICE, active members of the community stand the chance to benefit from the growth of Mega Dice.

DICE is offering investors a daily return from the revenue of the gambling site. Like most new tokens that have launched this year, DICE has adopted a staking model that does not have a fixed annual percentage yield (APY).

Rather than having a static return rate, the APY will be based on the performance of the platform - if it performs well, holders of DICE will receive more profit and vice versa. Additionally, holders of the token will also enjoy exclusive access to special NFTs.

Given its massive utility ideas, DICE has been causing waves since landing on presale, earning the coverage on top publications like Cointelegraph, Bitcoin.com, and Insidebitcoins.

Recently, popular crypto trader and analyst TodayTrader discussed the high potential of the token, saying it could become the next big thing in the GameFi niche.