Crypto News – Solana Tokens Soar 30% While Major Memecoins Falter

Crypto News – SOL’s Price Recovery and ETF Speculation Boosts Solana-Based Tokens

Crypto News – In a remarkable shift within the cryptocurrency market, Solana-based memecoins have surged over the past 24 hours, with tokens like POPCAT and WIF experiencing a 25% increase, while MUMU and CATDOG saw even higher gains of 30%. This surge in Solana-based tokens contrasts sharply with declines in major memecoins on other blockchains, such as Dogecoin (DOGE) and Pepe (PEPE), which fell by up to 5%.

Market Dynamics and Token Performance

The Solana network has seen a dramatic increase in trading volumes, doubling from $1.5 billion on Monday to over $3.3 billion, with daily fees exceeding $750,000. This surge in activity highlights a shift in trader sentiment towards higher-risk investments. Notably, the popular memecoin issuance platform, Pump, experienced a rise in fees to $535,000 in the past 24 hours, compared to under $300,000 on Monday.

SOL Price Recovery and ETF Speculation

Solana’s native token, SOL, has rebounded by 7.5% to trade above $150 in European morning hours on Wednesday, outperforming the CoinDesk 20 index, which rose by 2.23%. SOL had dropped from $145 to $112 earlier in the week amid a broader market downturn but has since led gains among major tokens.

The optimism surrounding Solana is further fueled by speculation about a potential SOL exchange-traded fund (ETF). If approved, this would be the third spot token ETF available to U.S.-based professional investors, following Bitcoin (BTC) and Ethereum (ETH).

Lucy Hu, a senior analyst at Metalpha, remarked, “The possibility of an SOL ETF shows promising signs for SOL’s mainstream adoption. The quick rebound of SOL indicates renewed confidence in the broader crypto space as the market stabilizes.”

Regulatory Developments

In early July, the CBOE submitted 19b-4 filings to the Securities and Exchange Commission (SEC), seeking approval to list potential spot Solana ETFs by VanEck and 21Shares. These filings, initially submitted in late June, reflect growing institutional interest in Solana and its associated tokens.

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