Solana's SOL Jumps 17% Amid Optimism for Potential ETF Listings

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Cointime2024/11/06 07:44

By:Cointime

Solana's SOL saw a 17% increase in price within 24 hours due to expectations of a Solana ETF, with potential listings from VanEck and 21Shares following Cboe's SEC filings in July. This optimism is fueled by predictions of a more crypto-friendly regulatory environment under a potential Trump administration, with some speculating that SOL could surpass ETH in market cap and reach $1000. The surge in SOL's price also led to an increase in its market cap, making it the fourth-largest token by market cap. The renewed odds of an ETF approval for SOL were attributed to Donald Trump's lead over Kamala Harris in the US election.

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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block•2025/02/02 17:11