Mathew Siegel, VanEck’s head of research, predicted that a Solana ETF will follow the groundbreaking approvals of Bitcoin and Ethereum spot ETFs.
The asset management business has filed for the first Solana (SOL) ETF in the United States, pioneering the concept of this financial instrument that would provide institutional investors with exposure to Solana.
Mathew Siegel optimistic about Solana ETF
Siegel stated that the terminology used in the Ethereum ETF 19b4 forms, which identified Ethereum as a commodity based on its decentralized qualities, could also be used to Solana. In his perspective, if exchanges are prepared to sign the same surveillance sharing agreements for Solana as they did for Bitcoin (BTC) and Ethereum (ETH) spot ETFs, it may assist get a SOL ETF authorized.
Aside from that, Siegel pointed out that several commodity-based ETFs lack a futures market. According to him, this loophole opens up the potential of a Solana ETF. Unlike SOL, BTC and ETH each have their own futures market on the Chicago Mercantile Exchange (CME).
The Wednesday interview came ahead of VanEck’s filing for the first SOL ETF in the United States on Thursday. The asset management, based in New York, filed an S-1 registration form with the US Securities and Exchange Commission (SEC).
VanEck’s daring decision to be the first to file a Solana ETF is the financial manager’s second use of its first-mover advantage. It was also the first to submit an Ethereum spot ETF application to the SEC in 2021. Although it took nearly three years for the financial authority to be ready to meet with potential issuers.
VanEck submitted a new ETH ETF application in September 2023, joining BlackRock and Fidelity, as well as five other applicants, who are awaiting a prospective ETH ETF launch. The products are expected to launch in early July, and VanEck has already waived costs until 2025 pre-approval.
The Thursday application comes just six days after 31Q filed to create the identical financial instrument in Canada, potentially bringing the first Solana exchange-traded product (ETP) to North America.
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Solana ETF awakens SOL vs. ETH debate
Siegel disputed claims that VanEck should have waited for the ETH ETF to start first, citing competitive business.
I didn’t realize that competitive business activities constituted “dick wagging”.
— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
Investors have also questioned the comparison of Ethereum’s decentralized qualities to those of Solana. The point of dispute is that the Solana Foundation and allied entities possess 20% of the SOL supply. This is 100 times the Ethereum Foundation’s ETH supply.
With the Solana foundation and related entities still owning 20% of the SOL supply, I wouldn’t call it decentralized. In comparison the Ethereum foundation holds about 0.2% of the eth supply.
— Steve Dakh (@stevedakh) June 27, 2024
The dispute between Solana and Ethereum is lengthy. Efficiency, development, and scalability are other parameters that have been discussed in the past.
In December, however, Solana co-founder Anatoly Yakovenko rejected the notion that Solana is an Ethereum killer. He stated it is OK for the two technologies to share features and compete.
Don’t bring back last cycle “eth killer” bs. It’s lame. Pareto efficient technologies can have overlapping features and will compete, but that’s all ok. I don’t see a future where solana thrives and somehow eth dies. I am such a techno optimist that I am certain that…
— toly 🇺🇸 | compressed (@aeyakovenko) December 2, 2023
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Donald Trump’s odds of winning surges to 63%, Musk says “memes” clear winner
Donald Trump’s chances of winning the 2024 presidential election have risen to 63%, according to prediction markets. Elon Musk claims that “memes” won the argument. Meme coins rise.
The odds of Donald Trump winning the 2024 presidential election increased to 63% when Joe Biden and Trump faced off in the first presidential debate. While cryptocurrency is still not being discussed, stock and cryptocurrency futures have risen as markets price in Trump’s election triumph.
President Joe Biden’s chances of winning a second term fell from 48% to 37% as Biden appeared to struggle against Trump.
Donald Trump to win the presidential election?
Prediction markets show that former US President Donald Trump has a strong possibility of winning the 2024 presidential election. Markets predict Donald Trump will become the next President of the United States.
Polymarket figures show comparable probabilities for Trump’s win in November. Joe Biden’s odds have decreased to 23%, indicating that he will either not be the Democratic presidential nominee or may withdraw from the campaign. Donald Trump Jr. also criticized Joe Biden as he was led off the stage, equating his departure to Trump’s.
Watch Joe Biden get escorted off the stage! What a stark contrast between how Trump left the stage and how Biden is exiting. #debate pic.twitter.com/Um9xhPAyMs
— Donald Trump Jr. (@DonaldJTrumpJr) June 28, 2024
Crypto community’s support to Trump
Elon Musk, a billionaire, commented on the presidential debate, stating, “Tonight was a clear victory … for memes.” Musk also reacted to Grok’s humorous response on who won the presidential debate. According to Grok: “The real winner of the debate tonight was the internet, with all the hilarious memes and GIFs circulating faster than a politician’s promise.”
Musk’s comments spurred an uptrend in joke currencies Dogecoin (DOGE) and Shiba Inu (SHIB), with values rising 4% and 2%, respectively.
Jesse Powell, Kraken’s co-founder, said that he had recently given $1 million in ETH to Donald Trump. He highlights the attack on the crypto business by an anti-crypto gang that includes Elizabeth Warren, Gary Gensler, and others. Despite overwhelming bipartisan Congressional attempts to clarify crypto law and advice, the Biden administration has allowed for unrestrained regulation through enforcement.
“This approach is diminishing US competitiveness as other major economies around the world advance clear rules to regulate digital assets. I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology.”
Shiba Inu rises signaling further rally, SHIB price to hit $0,00002?
Shiba Inu coin is up more than 2% today, with current market patterns and derivatives data predicting that the price might increase further to $0.00002.
The Shiba Inu price increased by more than 2% today, following slow trade the day before. Meanwhile, the spike in the biggest dog-themed meme currency coincides with a resurgence in both the larger crypto market and the meme currencies section. Along with SHIB, meme currencies like as Dogecoin (DOGE), PEPE, WIF, and others had substantial increases today.
However, market trends and derivatives data suggest that SHIB might jump to $0.00002.
Shiba Inu price soars sparking speculations
The rapid increase in Shiba Inu prices has prompted many investors to investigate possible causes. However, it appears that broader market movements and optimistic mood had a significant part in driving up the SHIB price.
For perspective, the whole crypto market capitalization increased 1.39% today to $2.28 trillion, while the meme coins section increased 3.27% to $48.45 billion. The entire trading volume for meme currencies increased by 26% to $4.42 billion, demonstrating increased investor interest in the sector.
Furthermore, the recent increase in Shiba Inu burn rate may have bolstered investors’ excitement for the cryptocurrency. Although the SHIB burn activity has slowed today, the Shiba Inu community has burned almost 70 million coins from the supply in the last seven days.
The burning mechanism normally serves to push up prices by limiting total supply in the market. Meanwhile, recent comments from the Shiba Inu community appear to have served as a fuel for the recent rise.
In a recent update, Shiba Inu head creator Shytoshi Kusama praised the imminent release of the Web3 version of the popular game Shiba Eternity. Kusama stated that the proceeds from the game will be used to improve the SHIB and LEASH burning mechanisms.
Price to hit $0,00002?
LUCIE, Shiba Inu marketing head, has generated market excitement with a recent X-post. In a social media post, LUCIE predicted that the bull run will last until “2025/2026”. Furthermore, LUCIE stated that the Shiba Inu ecosystem tokens, which include LEASH, BONE, and SHIB, have the ability to rally 800-1000% in just one week.
Given Shiba Inu’s recent advance near its barrier of $0.000018, investors are confident about a further rally. Having said that, current market patterns and derivatives data suggest that if the SHIB reaches $0.000018, it may continue to advance to a critical resistance level of $0.00002.
For comparison, the Shiba Inu Relative Strength Index (RSI) is now at 32, suggesting that the cryptocurrency is oversold. Notably, when a stock is oversold, buyers might purchase at a reduced price.
On the other hand, the Shiba Inu Open Interest increased by over 4% today to $33.73 million, demonstrating substantial market interest in the meme coin. Meanwhile, Shiba Inu prices gained 2.04% to $0.00001732, while trading volume increased 22% to $233.22 million. Notably, the token reached a high of $0.00001768 during the previous 24 hours.
