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Bitget Research: VanEck Files for Solana ETF, SOL Expected to Sustain Long-Term Uptrend

John & Victoria
2024/06/28
Bitget Research: VanEck Files for Solana ETF, SOL Expected to Sustain Long-Term Uptrend
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

VanEck has applied to issue shares for a Solana (SOL) Exchange Traded Fund (ETF), and as a result of this positive news, the SOL token has seen a 24-hour increase of nearly 8%. The market is gradually forming a consensus on Ethereum ETFs, viewing the potential inflow of funds into Ethereum ETFs as less significant compared to Bitcoin. The highlights are as follows:
  • Sectors with strong wealth creation effect: Ethereum ecosystem (MKR, ENS) and TON ecosystem (TON, NOT).
  • Top searched tokens and topics: Zeta Markets, Kaspa, and FET.
  • Potential airdrop opportunities: Sofamon and Particle.
Data collection time: June 28, 2024, 4:00 AM (UTC)

1. Market Environment

Asset management firm VanEck has filed to issue shares for a Solana (SOL) Exchange Traded Fund (ETF), marking the first such registration in the USA Influenced by this positive news, the 24-hour increase in SOL token reached nearly 8%, breaking $150. Bitcoin and Ethereum prices have not changed significantly, remaining roughly steady at $62,000 and $3440 respectively.
Regarding Ethereum ETFs, according to official news, 21Shares has submitted a new 8-A12B filing for its spot Ethereum ETF. Charles Yu, who is the vice president of research at Galaxy, reported on Wednesday that in the first five months of trading, the inflow of funds into the Ethereum ETF is conservatively estimated to be 20% of that into Bitcoin ETFs. Although there is anticipation for Ethereum ETFs, the market consensus is that the inflow into Ethereum ETFs will not reach the levels seen with Bitcoin.

2. Wealth Creation Sectors

2.1 Sector Movements – Solana Memecoins (NUB, MANEKI, and WEN)

Primary reasons:
  • Asset management firm VanEck's application to issue shares for a Solana (SOL) Exchange Traded Fund (ETF) has positively impacted the Solana ecosystem's memecoins, leading to a rebound.
  • The AI sector has experienced a significant pullback, yet as the projects with the fastest capital flow transmission, there is a trend of rebound in technical indicators.
Gainers: NUB, MANEKI, and WEN rose over 15% in the last 24 hours.
Factors affecting future market conditions:
  • Post-market trading activity: Monitor whether trading volume in the sector continues to grow during the current rebound phase. If trading volume remains high and prices continue to rise, this suggests that trading activity can be maintained and sustained.
  • Major investor trend: Financial tools for established memecoins are quite comprehensive. By analyzing futures data, funding rates, and positions, we can understand whether investors continue to invest. Generally, a sudden significant increase in open interest volume is a core indicator of major investor activity, making it essential to stay updated on the futures indicators.

2.2 Sectors to Focus on Next — ETH Ecosystem Projects

Primary reasons: Coinbase has requested documents from the SEC regarding closed investigations, as the SEC publicly declared in 2018 that Ethereum does not constitute a security. Furthermore, 21Shares has submitted a new 8-A12B filing for its spot Ethereum ETF, indicating steady progress for the Ethereum ETF.
Specific tokens:
  • UNI: Uniswap, the first DeFi Swap project on the blockchain, generated over $2 million in transaction fees over the past 24 hours, indicating substantial revenue.
  • LDO: A leading LSD project within the ETH ecosystem, with a TVL of $32.5 billion and a valuation just under $2.5 billion, indicating it is relatively undervalued.
  • PENDLE: The project's TVL continues to rise, now standing at $6.2 billion. Increased stablecoin market caps and demand in the restaking sector support PENDLE's services during the bull market.

3. Top Searches

3.1 Popular DApps

Zeta Markets
Yesterday, the Solana DeFi derivatives platform Zeta Markets opened airdrop claims for its governance token. The airdrop claim window is set to last 90 days. Previously, Zeta Markets raised $5 million in a strategic funding round led by Electric Capital with participation from Digital Asset Capital Management (DACM), Selini Capital, and Airtree Ventures. Angel investors include Anatoly Yakovenko of Solana, Mert Mumtaz of Helius, Richard Wu of Tensor, and Genia Mikhalchenko of Pyth.

3.2 X (former Twitter)

Kaspa:
Yesterday, Kaspa (KAS) broke through $0.18 and is now quoted at $0.1802, with a 24-hour increase of 11.7%. Previously, the crypto mining company Marathon Digital (MARA) announced it had started mining services for Kaspa. Kaspa is an open-source, decentralized, and fully scalable Layer 1 protocol that uses Proof of Work as its consensus mechanism. Unlike Bitcoin, Kaspa employs a BlockDAG (Directed Acyclic Graph) which allows multiple blocks to be produced simultaneously. As of June 25, 2024, Marathon has mined approximately 93 million KAS, currently valued at around $15 million.

3.3 Google Search (Global and Regional)

Global focus:
FET:
The Artificial Superintelligence Alliance has announced significant progress and updates regarding the ASI token merger. The first phase is set to begin on July 1, 2024, with the migration platform on the SingularityDAO DApp opening for AGIX and OCEAN to be converted to FET. The conversion rates are 1 AGIX for 0.433350 FET and 1 OCEAN for 0.433226 FET. The second phase involves cross-chain deployment of ASI tokens, with the FET network upgrading to the ASI network. Migration contracts from FET, AGIX, and OCEAN to ASI will open, along with EVM and other bridges, as trading platforms begin transitioning from FET to ASI's spot market. FET, Fetch.ai's token, has seen a 24-hour increase of 23%. Additionally, Coinbase has announced that it will not perform the OCEAN and FET token migration for users, who must complete it themselves.
Regional focus:
(1) Asian countries: Searches in Asian countries show no significant preferences, but AI projects appear more frequently. This is mainly because projects like FET, AGIX, and OCEAN have performed well in the past 24 hours.
(2) Europe and the Americas: Apart from an interest in Solana Blinks, the KAS token has performed well and garnered attention in some regions. Beyond this, there are no specific focal points in these regions.

4. Potential Airdrop Opportunities

Sofamon
Sofamon is a project based on the Base network, currently developing a personal chat sticker marketplace on Telegram where users can manage their sticker collections, invite friends, and access Sofamon's private group chats.
The Web3 social project Sofamon completed its seed round funding with investments from Polychain Capital, Seed Club Ventures, Inception Capital, among others. Angel investors include Celestia COO Nick White, former Coinbase engineer 0xBeans, and Divergence Ventures co-founder George Lambeth.
How to participate: While no specific airdrop information has been released by the project, given Sofamon's current popularity on social media and in the crypto community, an airdrop opportunity is highly probable. Investors can participate by purchasing the NFT sticker collection launched by Sofamon.
Particle
Particle is a decentralized margin trading protocol that operates in a permissionless manner and is applicable to any digital asset, from tokens to NFTs. It features no price oracles, no counterparty risk, and no liquidations. It is a highly anticipated project within the Blast ecosystem, with early participation offering a chance for an airdrop.
Particle has completed a seed round funding with contributions from renowned institutions and individuals including Polychain*, Nascent, Inflection, Neon DAO, and Arthur Hayes.
How to participate: Users can visit https://www.duo.exchange/, link their wallets, and stake core assets from the Blast ecosystem (ETH, WETH, USDB, and USDe) to participate.
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