Key Points
- The U.S. SEC’s approval of Ethereum ETFs has sparked anticipation for potential Solana ETFs.
- The approval did not have a positive impact on Ethereum-based memecoins, raising questions about its potential effect on Solana-based memecoins.
The U.S. Securities and Exchange Commission’s (SEC) recent approval of Ethereum spot Exchange Traded Funds (ETFs) has prompted discussions about the likelihood of ETFs for Solana.
Speculation on Solana ETFs
Brian Kelly, a trader on CNBC’s ‘Fast Money’, and Daniel Yan, co-founder of Matrixport, have suggested that a Solana ETF could be the next development. However, despite the buzz, the price of Solana saw a 6.17% decrease in the last 24 hours.
Looking at the impact of the Ethereum ETF approval on Ethereum-based memecoins, Dogecoin saw a 5% decline, indicating that the ETF approval did not boost its value. Nonetheless, data from Coinalyze showed a 4.71% increase in Open Interest, pointing to growing market activity and investor interest.
Impact on Memecoins
Shiba Inu also experienced a 6% decline, with no immediate positive response to the ETF news. Despite this, the overall sentiment remained largely positive, suggesting that investor interest and engagement are still present, even with the current price decline.
Solana-based memecoins such as Dogwifhat, Bonk, and Book of Meme followed a similar pattern. This raises questions about the potential impact of a Solana ETF approval on Solana-based memecoins.
As the market continues to evolve, the potential effects of a Solana ETF on Solana-based memecoins remains an area of interest.
