Hassan Maishera
TL;DR
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SOL is the best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours.
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The coin rallied after VanEck filed for a spot Solana ETF.
VanEck Files for a Spot Solana ETF, SOL Soars
SOL, the native coin of the Solana blockchain, is up by more than 6% in the last 24 hours, making it the best performer amongst the top 10 cryptocurrencies by market cap. Thanks to its rally, SOL is currently trading at $144 per coin, up by 9% so far this week.
The rally comes after VanEck filed an S-1 form with the Securities and Exchange Commission on Thursday for the VanEck Solana Trust.
While commenting on this filing, VanEck Head of Digital Asset Research Matthew Sigel, said,
"We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and ETH," Sigel wrote on the social media platform X. "It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions."
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2
The US SEC has already approved VanEck's spot ether ETF to be listed on stock exchanges. However, they are awaiting final approval before listing the fund on exchanges.
Solana is the fifth-largest cryptocurrency by market cap, behind BNB, USDT, ETH, and BTC. It has also become the leading blockchain for memecoins and DeFi protocols in crypto.
Altcoins have been performing well after Wednesday’s plunge, with most altcoins up by 2% in the last 24 hours. Avalanche’s AVAX is up by 9% in the last 24 hours and is trading at $28 once again.
Bitcoin has maintained its price above $61k as it is up by less than 1% today. Thanks to the improved performances, the total cryptocurrency market cap now stands at $2.28 trillion, up by 1%.
