fmcpay-vaneck-teases-solana-etf-again-as-sol-surpasses-bnb-for-4th-spot
News

VanEck teases Solana ETF again as SOL surpasses BNB for 4th spot

Posted on by Audrey

According to VanEck, several people who attended the Bitcoin conference asked questions on SOL and the potential release of the Solana ETF.

After over a week of trading on Wall Street for Ethereum ETFs, investors are focusing intently on the next cryptocurrency ETF and vying for Solana, the second-largest altcoin. It’s interesting to note that massive asset manager VanEck is hinting at the prospect of launching a spot Solana ETF once more.

Are You Sure Solana's ETF Is Approved By The SEC? Here's JPMorgan's View!

Will VanEck push for spot Solana ETF?

VanEck recently tweeted that a lot of people at the Bitcoin (BTC) conference were asking them questions regarding Solana. As far as we know, even before the spot Ether ETFs became online, VanEck filed for their Solana ETF in the latter month of June. According to a recent tweet from VanEck, there appears to be significant demand in the cryptocurrency and the SEC’s approval of a Solana ETF won’t be significantly hampered by liquidity.

Other massive asset management firms, like as BlackRock, are not much in favor of the market being expanded to include additional Solana ETFs or other cryptocurrency ETFs. Robert Mitchnick, Head of Digital Assets at BlackRock, stated at the Bitcoin Conference that the SEC will eventually draw a line. Other than Ethereum (ETH), he said, no other altcoin accounts for more than 5% of the whole value of the cryptocurrency market. As a result, he thinks the market doesn’t need any more cryptocurrency ETFs.

SOL surpasses BNB for 4th spot

According to market capitalization, Solana (SOL) has surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency. SOL has surpassed BNB in the latest run-up for the first time in the last four years.

The Solana Price has been rising steadily over the last two weeks, rising by more over 35%. The Binance Coin (BNB) has increased by 10% throughout the same time frame.

Solsna Price Surge
Courtesy: Santiment

Bulls are strongly holding above the critical $175 support level as of the time of publication, with the SOL price trading 3.88% higher at $182. Rekt Capital, a well-known cryptocurrency expert, said that Solana has held above the support level and is now targeting a rise to $202, with the Solana TVL rising 15% this month.

OneMedNet stock jumps 22% after $1.8M Bitcoin exposure

OneMedNet updated the balance sheet with $1.8 million worth of Bitcoins. On Friday, Semler Scientific also boosted its exposure to Bitcoin.

Bitcoin "Looks Healthy" After 2 Months, Backs BTC To Rally Above $74,000

OneMedNet’s (NASDAQ: ONM) stock price increased by 22% on Friday, July 26, following the company’s announcement of an astounding $1.8 million exposure to Bitcoin, the largest cryptocurrency in the world. The news was made during the current Bitcoin Conference, where executives from several fraternities are debating how to increase their exposure to the asset class.

 

OneMedNet joins other corporates in Bitcoin exposure

The MicroStrategy playbook is being used by a significant number of publicly traded corporations to include Bitcoins in their balance sheets. Corporate investors are finding comfort in Bitcoin investments as a store of value and a way to stop capital erosion as the USD weakens.

The OneMedNet shares shot up to $1.29 on Friday, just following the news of the Bitcoin exposure. Still, at Wall Street’s closing bell, it settled at 0.99.

Semler Scientific, a different publicly traded company, said on Friday that it had added additional Bitcoins to its balance sheet. For $57 million, the corporation bought about 828 Bitcoin, allocating 90% of its cash assets to the cryptocurrency. During the Friday trading session, Semler Scientific (NASDAQ: SMLR) saw a 4% increase in stock price.

State pension funds gain exposure to Bitcoin ETF

Given the robustness of Bitcoin in the global economy, legislators are showing a growing interest in the asset class and want state pension funds to have exposure to the recently introduced Bitcoin ETFs.

Steven Fulop, the mayor of Jersey City, announced the day before that a portion of the state pension funds will be invested in Bitcoin ETFs. The Michigan pension fund jumps on the bandwagon and buys shares of the Ark Bitcoin ETF (ARKB) for an astounding $6.6 million. Winconsin previously revealed that it has invested $160 million in Bitcoin ETFs.

This July, the spot Bitcoin ETFs have performed admirably, with BlackRock leading the way in the astounding inflows. Bitwise (BITB) led the way with $51.8 million in inflows into the Bitcoin ETFs on Friday.

The price of bitcoin is likewise shown incredible power, rising 1.5% further and surpassing $68,000. Analysts forecast that before choosing its next course of action, Bitcoin will rise to $71,500.

30 Solana celebrity meme coins launched in June; most are dead

This cycle, celebrity memecoins on Solana have proliferated, but evidence indicates that investors barely receive gains.

Celebrity Memecoins Spark 'Top Signal' Debate - The Defiant

Approximately thirty celebrity memecoins were introduced on Solana last month, as well-known individuals profited from the culture of speculative investing that permeated one of the biggest cryptocurrency ecosystems.

Memecoins are a parody of popular culture that combine decentralized tokenomics with humorous pictures and social media themes to create cryptocurrencies that are fueled by buzz. Celebrities that have participated in the celebrity meme meta include 50 Cent, Iggy Azalea, Jason Derulo, Andrew Tate, and Caitlyn Jenner. In the web3 environment, public status hasn’t really done anything to guarantee success.

A member of the Jupiter exchange team said that celebrity-backed meme coins saw an average 94% decrease. Within 30 days of debut, half the coins had dropped 99% from their peak values. The three tokens from Tate, Jenner, and Azalea have performed the best, declining between 70 and 80 percent.

Insiders profit the most from memecoins

Memecoins, even for cryptocurrencies, are naturally quite volatile. The danger attached to these tokens is highlighted by the potential for the price to drop below listing levels and quadruple in a matter of hours.

There is one more layer to the consistent downward trend observed in memecoins. Data revealed, according to Bubblemaps, that a vast amount of the supply was controlled by an insider wallet network. Anyone involved in the project, including team members and developers, might be considered an insider, even celebrities. An insider is someone who works behind the scenes and has advance information of the launch.

According to Bubblemaps, insiders held 20% to 90% of the supply of celebrity memecoin for tokens that were introduced in June. Insiders most likely made the greatest money from these celebrity debuts by selling at exorbitant prices.

Meme tokens, according to Solana co-founder Raj Gokal, are a logical approach to draw in retail investors for Consensus 2024. Prominent industry figures like as Andre Cronje and Vitalik Buterin have expressed their opposition to meme tokens that lack purpose or objective. However, it appears that currencies driven by memetic culture are here to stay.

fmcpay-3000-dogs-og-giveaway

Buy your favorite crypto now