With the spot Ethereum ETFs likely receiving SEC’s approval today on May 23rd, the hype for Solana ETFs is now taking over, even reaching mainstream audiences.
In a CNBC interview, BKCM CEO Brian Kelly revealed that spot Solana ETFs could be next to gain the SEC’s green light. He is also not the only one as Matrixport co-founder Daniel Yan had similar thoughts.
JUST IN: CNBC discusses the possibility of a spot Solana ETF being approved after Ethereum. pic.twitter.com/XaolEJlkoL
— Watcher.Guru (@WatcherGuru) May 22, 2024
Solana has already been the standout performer this bull cycle and ETFs could supercharge its rally by driving institutional investment.
The Solana meme coin market is already buzzing as smart-money traders are looking to front-run the ETF hype. Dogwifhat and Bonk appear on the verge of breakouts, while Dogeverse and Sealana are being tipped as the next 100x Solana meme coins.
Why Spot Ethereum ETF Approval Could Pave The Way for Solana ETFs?
The spot Ethereum ETF approval now appears to be imminent, with BlackRock and other issuers submitting amended 19b-4 filings on Wednesday.
The amended filings have eliminated all provisions for staking, ensuring that no portion of a Fund’s Ethereum could be staked to generate additional income. This likely eliminates the final point of contention between the SEC and the issuers.
SEC’s Division of Trading and Markets is now all set to approve the 19b-4s today on May 23rd. Bloomberg analyst James Seyffart believes that the S-1 approval from the Division of Corporate Finance may take a few more weeks.
All eyes now shift to potential Solana ETFs. The SEC has labelled Solana to be a security in several lawsuits, which could be a potential roadblock for its spot ETFs.
However, the recent lawsuit by Consensys against the Commission explicitly states that the SEC is also looking to label ETH as a security Unless the SEC surprisingly abandons its claims regarding ETH’s status, spot Ethereum ETF approval could very well pave the way for Solana ETFs.
Bloomberg analyst James Seyffart believes that a CFTC-regulated Futures Market could ease the road for spot Solana ETFs, and so will congressional market structure bills like the recently approved FIT21.
Based on current precedent/needs — Will happen within a few years of getting a CFTC futures market. But congress & Market structure bills like FIT21 could make it happen quicker.
I think a SOL ETF would see most demand vs other digital assets (aside from BTC & ETH)
— James Seyffart (@JSeyff) May 22, 2024
Both the Biden and Trump campaigns are vying for the support of crypto investors. Considering that the Biden administration is allowing the approval of Ethereum ETFs, Trump could potentially promise Solana, Dogecoin or Litecoin ETFs.
Solana Meme Coins Set to Rally, Dogeverse and Sealana Could be the Next 100x Tokens
Solana meme coins continue to act as leveraged bets on SOL, offering much higher returns in the same direction as the native token.
Dogwifhat and Bonk are expected to maintain their bullish trajectories, especially after the Solana ETF hype. Meanwhile, new low-cap tokens Dogeverse and Sealana could potentially be the next Solana meme coins to explode.
For instance, popular YouTube trading expert TodayTrader believes that Dogeverse could be the next 1000x Solana meme coin.
Owing to its revolutionary multi-chain concept, Dogeverse is set to launch on the popular DEXs and CEXs of 6 different blockchains. In fact, it is the first meme coin to launch simultaneously on Ethereum, Solana, Base, Polygon, BNB Smart Chain and Avalanche.
This strategy could play a key role in maximizing the meme coin’s price potential by grabbing widespread attention across chains. Token holders can also enjoy the best features of each blockchain, such as gaining staking rewards on Ethereum.
It’s not without any reason that the Dogeverse presale has already raised over $15 million.
Meanwhile, Sealana is another new meme coin that experts are backing to be a Solana gem. Popular trader Jacob Bury has even hinted at $SEAL being the best meme coin to buy now that could potentially offer 100x returns.
The Sealana presale has raised over close to $2.5 million in the first few weeks.
Disclaimer This article is a paid publication and does not have journalistic/ editorial involvement of CoinGape. CoinGape does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. Do your market research before taking any actions . The author or the publication does not hold any responsibility for your personal financial loss.
For PR & Sponsored Content Reach us :