VanEck’s back at it again, leading the charge in the crypto ETF scene. The New York-based asset manager just filed for the first U.S. Solana ETF, sending the SOL ecosystem soaring and setting a bullish tone for the market.
This comes hot on the heels of 3iQ’s move for a Solana ETF in Canada last week. The SEC filing sent SOL skyrocketing nearly 8% in a day.
SOLANA ETF BY VANECK!!!! pic.twitter.com/DmNbf1sNTs
— mert | helius | hSOL (@0xMert_) June 27, 2024
VanEck Leads the Charge Again For Solana ETFs
VanEck is leading the charge again. In 2021, they were first with a spot ether ETF, outpacing BlackRock and Fidelity. Matthew Sigel, their digital assets guru, broke down their strategy this week:
“We believe the native token, SOL, functions similarly to other digital commodities such as bitcoin and ETH. It is utilized to pay for transaction fees and computational services on the blockchain,” Sigel wrote in a post on X. “The Solana blockchain acts as a competitor to Ethereum with a unique combination of scalability, speed, and low costs,” he added.
Can Solana ETFs Send SOL to $1k (These Tokens Benefit Too)?
ETH maxis seeing news of a Solana ETF pic.twitter.com/sV7pYxmAxz
— Alan Carroll (@alancarroII) June 27, 2024
From the news, SOL jumped nearly 8% in 24 hours, lifting the CoinDesk 20 Index by 1.8%. If an ETH ETF gets approved, analysts are eyeing Solana as the next big thing.
Analyst James Seyffart of Bloomberg is one of the many skeptics about the Solana ETF, suggesting we might not see anything until 2025, and even that’s uncertain.
“[My] early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then [it’s] not guaranteed.”
Solana-based meme coins BONK and FLOKI weren’t left behind with SOL rising. BONK spiked 17% to $0.000022, with a market cap of $1.53 billion, landing it at 56th on CoinMarketCap.
Meanwhile, new SOL-based meme coins Pepe Unchained and Sealana, still in presale, are gearing up to explode off the latest buzz.
DISCOVER: Best Way To Buy Ethereum in July 2024
The Bottom Line: Challenges and Anomalies For Solana
Not everything is great for Solana. Mid-June saw stablecoin transfers nosedive to $10 billion from a solid $75-$100 billion daily, per artemis.xyz, dropping Solana behind Ethereum and Tron.
Wazz Crypto uncovered oddities about SOL stablecoin volume, spotlighting a leap from $200-$300 million to $30 billion, blaming Phoenix dex for logging both filled and unfilled orders onchain.
When it comes to Solana:
Firedancer not priced in
Token extensions not priced in
ZK compression not priced in
PayPal stablecoin not priced in
Blinks & actions not priced inFew will appreciate this $SOL
— Solana Legend 龍 🎒 (@SolanaLegend) June 25, 2024
However, VanEck’s U.S. Solana ETF is stirring hope for a breakout, but let’s be real—an actual ETF is still a ways off.
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See Also: Best Solana Casinos in 2025
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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