Billy

Solana

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<ul>
 <li>VanEck and 21Shares filings for a spot Solana ETFüstü lifted sentiments, and the price surged by 11% to US$150.</li>
 <li>Solana outpaces Ethereum in daily DEX trading volume, underpinning its increased dominance in the decentralized exchange.</li>
 <li>It was the Solana meme coins that really outclassed ETH memes in performance, with community interest seeing notable gains like the surge of the market capitalization of Billy.</li>
</ul>
<p>Solana has been in the news due to its performance, hinting at a bright future for this crypto asset. Among them was when VanEck and 21Shares filed for Spot Solana ETFs. As expected, that was quite good for the markets as this sent the price up by 11% to $150. These ETFs look to allow investors to invest in Solana’s blockchain ecosystem easily without much hassle.</p>
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   <p lang="en" dir="ltr">Just bought heavily <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> at $150<br><br>My target is a new ATH in Q3</p>— Doctor Profit <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e8-1f1ed.png" alt="🇨🇭" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@DrProfitCrypto) <a href="https://twitter.com/DrProfitCrypto/status/1808252361045074133?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 2, 2024</a>
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<p>Another bullish sign for a new ATH for SOL is the fact that the reputed crypto analyst Doctor Profit just bought more Solana (SOL). This analyst, known for his accurate predictions, says that SOL will see a new ATH in Q3 of 2024.&nbsp;</p>
<h4 class="wp-block-heading" id="h-growing-institutional-interest"><strong>Growing Institutional Interest</strong></h4>
<p>The <a href="https://cryptonewsland.com/vaneck-files-for-first-solana-etf-in-the-us-aiming-to-revolutionize-crypto-investing/" rel="noopener noreferrer nofollow">VanEck Solana Trust</a> seeks to reflect Solana’s performance and capitalize on its decentralized nature and high utility. This trust will use the MarketVector Solana Benchmark Rate index for daily valuation, based on prices from the top five SOL trading platforms.&nbsp;</p>
<p>Similarly, 21Shares’ Spot Solana ETF filing with the U.S. Securities and Exchange Commission (SEC) aims to offer an exchange-traded product on the Cboe BEZX exchange. This shows the growing institutional interest in Solana as a valuable digital asset.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> is on the rise following <a href="https://twitter.com/vaneck_us?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@vaneck_us</a> and <a href="https://twitter.com/21Shares?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@21Shares</a> announced spot SOL ETF filings last week. <br><br>The overall crypto market remains flat in reaction to the news.<br><br>Watch "Chart of the Day" explain the data, presented by <a href="https://twitter.com/cryptocom?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@cryptocom</a>: <a href="https://t.co/gvLfwf69m5" rel="noopener noreferrer nofollow">pic.twitter.com/gvLfwf69m5</a></p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1808249102037045571?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 2, 2024</a>
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<h4 class="wp-block-heading"><strong>Performance and Market Trends</strong></h4>
<p>Solana’s performance has also led it to surpassing Ethereum (ETH) in several metrics. According to DefiLlama, Solana recorded a daily DEX trading volume of $1.148 billion, higher than Ethereum’s $745 million. This highlights Solana’s increasing dominance in the decentralized exchange (DEX) space.</p>
<p><a href="https://coinmarketcap.com/academy/article/according-to-cmc-2024-h1" rel="noopener noreferrer nofollow">Reports indicate</a> that most SOL meme coins launched in late 2023 or 2024 yielded an average return of 8,469%, compared to 962% for ETH memes. Notable meme coins like Billy (BILLY) have surged in market cap, with Billy reaching $117 million. This growth can be attributed to community efforts and significant interest in the Solana ecosystem.</p>
<h4 class="wp-block-heading"><strong>Celebrity Influence and Market Dynamics</strong></h4>
<p>Celebrity endorsements have also played a role in boosting <a href="https://www.coingecko.com/en/categories/solana-meme-coins" rel="noopener noreferrer nofollow">Solana meme coins</a>. For instance, Ariana Grande’s promotion of the Michi meme coin resulted in an 18% price jump. However, the increased attention has also attracted scams, as seen with the hacking of Sydney Sweeney’s official X account to promote a fake Solana-based meme coin.</p>
<p>Despite challenges, the overall sentiment around Solana remains bullish. Analysts like Eric Balchunas from Bloomberg suggest that there is a chance for the approval of Solana ETFs within the next 12 months, especially with potential changes in SEC leadership after the U.S. presidential elections.</p>
<p>Solana’s recent achievements, from <a href="https://cryptonewsland.com/21shares-files-for-spot-solana-etf-joining-vaneck-in-sol-investment-race/" rel="noopener noreferrer nofollow">ETF filings</a> to outperforming Ethereum in trading volumes and meme coin returns, show its growing prominence in the crypto market. As institutional interest and community support continue to rise, Solana appears well-positioned for further growth, with a potential for new all-time highs in the near future.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/dogecoin-creator-praises-x-app-subs-will-elon-musks-approval-ignite-doge/" rel="noopener noreferrer nofollow">Dogecoin Creator Praises X App Subs: Will Elon Musk’s Approval Ignite DOGE?</a></li>
 <li><a href="https://cryptonewsland.com/why-the-crypto-space-should-not-be-sleeping-on-tezos/" rel="noopener noreferrer nofollow">Why the Crypto Space Should Not Be Sleeping on Tezos</a></li>
 <li><a href="https://cryptonewsland.com/cardanos-q3-success-whats-behind-the-198-tvl-growth/" rel="noopener noreferrer nofollow">Cardano’s Q3 Success: What’s Behind the 198% TVL Growth?</a></li>
 <li><a href="https://cryptonewsland.com/altcoin-2024-q3-report-and-bitcoin-price-action-reveals-massive-market-insights-for-traders-worldwide/" rel="noopener noreferrer nofollow">Altcoin 2024 Q3 Report and Bitcoin Price Action Reveals Massive Market Insights for Traders Worldwide</a></li>
 <li><a href="https://cryptonewsland.com/unimaginable-gains-await-crypto-traders-during-q3-q4-of-2024-according-to-silver-tongued-crypto-analyst/" rel="noopener noreferrer nofollow">Unimaginable Gains Await Crypto Traders During Q3 – Q4 of 2024 According to Silver-Tongued Crypto Analyst</a></li>
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<p>The post <a href="https://cryptonewsland.com/new-sol-ath-expected-in-q3-as-solana-memecoins-outperform-ethereums-best-performers/" rel="noopener noreferrer nofollow">New SOL ATH Expected in Q3 as Solana Memecoins Outperform Ethereum’s Best Performers</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

New SOL ATH Expected in Q3 as Solana Memecoins Outperform Ethereum’s Best Performers

Crypto News Land

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