As a seasoned crypto investor with a keen interest in the Solana ecosystem, I’m excited to see the recent surge in Solana-based memecoins following VanEck’s filing for the first Solana ETF in the United States. This bullish trend has injected optimism into the Solana community and resulted in increased trading volumes across BOME, Dogwifhat (WIF), and Bonk (BONK).
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development over the past day. Memecoins built on the Solana blockchain have experienced significant growth, with many posting double-digit percentage gains. This bullish trend can be attributed to heightened market excitement following investment firm VanEck’s recent filing for the first Solana Exchange-Traded Fund (ETF) in the United States. The potential approval of this ETF may attract more institutional investors and further boost the value of these memecoins.
The announcement about this ETF has brought renewed enthusiasm to Solana’s community, resulting in increased trading activity for its related meme coins.
As a researcher delving into the current state of Solana, I’ve come across James Seyffart’s perspective from Bloomberg. He expresses skepticism regarding the possibility of an ETF being launched this year. According to him, substantial regulatory modifications, possibly instigated by shifts in administration at the White House and the SEC, are indispensable for the ETF’s approval.
BOOK OF MEME (BOME)
In the past day, BOOK OF MEME (BOME) experienced a downturn to begin with. However, following the filing, the cryptocurrency regained bullish energy, climbing to become the leading gainer on CoinMarketCap and reaching a new 7-day peak price.
The price of BOME fluctuated significantly between its highest point of the day at $0.01073 and its lowest point at $0.00901. At the moment of writing, the price stood at $0.0107, marking a notable increase of 17.20% from its previous low.
At the rally, BOME‘s market value and daily trading volume significantly increased, reaching a market capitalization of $736,722,054, an uptick of 16%, and a 24-hour trading volume of $179,342,372, marking a substantial rise of 124%.
Solana Memecoin Dogwifhat (WIF)
As a researcher studying Dogecoin (WIF), I’ve observed some fluctuations over the past 24 hours, with prices seeing a tug-of-war between bullish and bearish forces. The coin’s value ranged from a high of $2.24 to a low of $1.98.
As a crypto investor, I’ve noticed that despite the recent market rally, my investment in WIF has taken a hit. In the past month, it’s decreased by 37%, and when compared to its all-time high of $4.85, which was reached on March, the loss is even greater at 56%. At the current moment, WIF is being traded at $2.11, marking a 5.20% increase from its support level and a 4.75% gain in the last week.
At the same time, WIF‘s market cap and daily trading volume experienced significant growth by 5.13% to reach $2,113,248,571, and 16.20% to amount to $556,121,389. This notable increase indicates heightened investor attention, as market participants eagerly await the potential approval of the Solana ETF, which could trigger a powerful price rally.
Bonk (BONK)
Early in the day, the price of Solana’s memcoin Bonk (BONK) saw a bearish trend, reaching a low of $0.0000215. At this point, buyers stepped in to provide support.
Despite experiencing a setback, BONK‘s price rebounded, reaching a peak of $0.00002493 within the last week following a 15% surge.
Despite the recent recovery, BONK‘s price has not yet managed to reverse the significant downtrend of the past month. The cryptocurrency is currently 40% below its all-time high (ATH) of $0.00004704, which was reached in March. However, the market capitalization and daily trading volume have seen impressive growth during this period. Specifically, market capitalization increased by 11% to reach $1,668,475,548, while daily trading volume surged by an impressive 40% to hit $267,138,277.
VanEck Files Application For First Solana ETF With US SEC
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2024-06-28 01:18