- SEC’s Ethereum ETF approval prompts anticipation for Solana ETFs.
- Solana’s rise impacts Ethereum-based memecoins.
As we rejoice the information of america Securities and Change Fee (SEC) greenlighting the Ethereum [ETH] spot Change Traded Funds (ETFs), consideration is now shifting to Solana [SOL]. Is a Solana ETF possible within the close to time period?
Talks round Solana ETF
Earlier, CNBC ‘Quick Cash’ dealer Brian Kelly, and Daniel Yan, co-founder of Matrixport, hinted {that a} Solana ETF may very well be subsequent in line. This has sparked pleasure inside the neighborhood as highlighted in a tweet by an X person, ‘borovik’.
Quite the opposite, not everybody was pleased with this information. In line with some, the approval of an Ethereum ETF could be a web unfavourable for the market as highlighted by ‘The Bitcoin Therapist’ in his tweet,
Nevertheless, regardless of the joy, this information didn’t instantly affect SOL’s value, which declined by 6.17% within the final 24 hours.
This brings up one other query: If Solana ETFs get permitted, what affect will this have on Solana-based memecoins? To reply this, AMBCrypto analyzed the affect of ETH ETF approval on two main Ethereum-based memecoins.
Ethereum memecoins present no positive factors
Beginning with Dogecoin [DOGE], which noticed a 5% decline within the final 24 hours. This meant the ETH ETF approval didn’t translate right into a rally for DOGE.
Nevertheless, Coinalyze knowledge at press time confirmed a 4.71% improve in Open Curiosity up to now 24 hours, suggesting rising market exercise and investor curiosity.
Shiba Inu [SHIB] skilled a 6% decline up to now 24 hours. With the Relative Energy Index (RSI) at 46, confirming the downtrend, SHIB additionally displayed no rapid constructive response to the ETF information.
Shifting focus to Santiment’s social quantity knowledge and weighted sentiment knowledge, it may be seen that feedback on DOGE and SHIB have decreased as nicely.
Nevertheless, the general sentiment remained largely constructive, which signifies that investor curiosity and engagement are nonetheless current, even when costs are at present declining.
Concurrently, Solana-based memecoins akin to Dogwifhat [WIF], Bonk [BONK], and Ebook of Meme [BOME] mirrored this trajectory.
In conclusion, it’s value noting that the Ethereum ETF approval didn’t yield a constructive affect on the Ethereum memecoin market.
Subsequently, as we navigate by evolving market dynamics, it will likely be attention-grabbing to look at whether or not the end result of a SOL ETF for Solana-based memecoins leans in the direction of positivity or negativity.