Solana News: Price Surge as VanEck and 21Shares File for US ETFs, While Political Meme Coins Experience Volatility
Solana (SOL) experienced a significant price increase this week, rising 6% to over $142, driven by VanEck and 21Shares filing for the first-ever US-based Solana exchange-traded funds (ETFs). This move followed a bullish trend for altcoin investors eager for a share of the Wall Street inflows that Bitcoin ETFs have enjoyed.
Meanwhile, older cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) saw declines of 5% and 3% respectively, as some long-term Bitcoin holders chose to take profits amid the market's recent rise.
In the world of political meme coins, Solana-based "Jeo Boden" (BODEN) token experienced a sharp 52% drop in a single day following President Joe Biden's perceived lackluster debate performance. This decline also coincided with a drop in Biden's re-election odds according to crypto bettors.
Donald Trump's "Doland Tremp" (TREMP) token also saw a dip late Thursday into Friday, although it remains up 13% for the week. This followed a perceived debate victory for Trump, despite his continued propagation of falsehoods.
Overall, this week highlighted the growing interest in Solana as a potential investment vehicle, fueled by ETF filings, while also showcasing the volatility and unpredictable nature of politically-themed meme coins.
Scroll on For The Next Airdrop Target
The past month has been massive for airdrops with both zkSynch and LayerZero tokens both launching within the same week. Neither tokens rallied, but market conditions have not been great either, so thatโs to be expected.ย
So whatโs the next major target?
(SUBSCRIBE NOW for MORE, including our top Solana Memecoin picks for this week!)
Keep reading with a 7-day free trial
Subscribe to Degen Den to keep reading this post and get 7 days of free access to the full post archives.