Solana: The Next Big Thing for Institutional Investors
Asset managers are already looking ahead to the next potential cryptocurrencies that could attract institutional interest. Solana is looking like a strong contender in this regard. 21Shares has officially submitted an application for a Spot Solana ETF to the US Securities and Exchange Commission (SEC). This is the second SOL-ETF application in the past week, after one from VanEck. 21Shares, which also issues a Spot Bitcoin ETF, is now aiming to get Solana-based Exchange Traded Funds approved in the US.
Crypto ETFs: First Bitcoin and Ethereum, then Solana?
It seems like a Solana ETF would be a logical next step for asset managers after Bitcoin and Ethereum. Solana is one of the top five cryptocurrencies and has a really active and engaged community. Its high popularity and growing interest from institutions show that it has real potential. Solana is known for its impressive scalability and fast transaction speed, which makes it a great fit for a lot of different applications. Solana keeps getting better with all the new developments and innovations. This combination of strong community support, technical superiority, and institutional interest makes Solana a promising candidate for the next major crypto ETF. But is it realistic?
Is there a chance we might see a Solana ETF soon?
Solana was set up in 2018 by Anatoly Yakovenko and Raj Gokal. It's a Delegated Proof-of-Stake Layer-1 blockchain designed for performance and mass adoption. With low transaction costs, lots of decentralised apps and a lively user and developer community, Solana has amassed over $4 billion in total value. As Solana has become a key investment in the cryptocurrency space, alongside Bitcoin and Ethereum, and with both Bitcoin and Ethereum soon to have Spot ETFs in the US, the question is: Will Solana follow in the footsteps of BTC and ETH?
What could a Solana ETF mean for cryptos in the US?
The SEC has made it clear that the path to a Spot ETF for cryptos in the US is a clear one. One of the things that an ETF has to show is that it has been trading on a regulated futures market for a few years. There are currently only two established futures ETF markets: for Bitcoin and Ethereum. However, the SEC might now be looking at other things too. The next Spot ETF is likely to be approved if it's highly decentralised and there's a lot of demand for the digital asset. Solana's strong decentralisation and high demand make it a logical candidate. If the SEC approves more Spot ETFs in the US, Solana will be ready. Also, the potential impact on Solana's price could be big, as the Solana ETF probably hasn't been priced in yet.
Solana Alternative: WienerAI Nears $7 Million Milestone
However, the crypto market in 2024 offers much more than Bitcoin, Ethereum, and Solana for investors willing to take on higher risks. It's not uncommon for investors to look for smaller coins with higher returns, but they need to be aware of the increased risks. It's important to have a good understanding of the market trends. WienerAI is another one to watch. Its presale went viral, raising over $6.5 million.
WienerAI's Unique Offering
What makes WienerAI special is that it combines the fun of a meme coin with the practical use of artificial intelligence. The presale has already raised over $6.6 million, which is a great sign of demand for the project. At the start of 2024, meme coins and AI tokens were some of the strongest segments in the crypto market. WienerAI is riding on this trend and attracting investors with its innovative combination. WienerAI's AI-powered trading bot is designed to make crypto trading more accessible and efficient. The seamless swap integration and user-friendly interface make it really easy to use. Even though it's got a funny name, WienerAI is all about making crypto trading more useful. Just to let you know that in about 24 hours, the price for the native ERC-20 token WAI in the presale will increase again.
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