The “cat” meme token POPCAT increased in value by 35%, while the “dog” token WIF rose by 26%, according to CoinGecko.
The sharp rise of such Solana-based assets contrasts with competitors on other blockchains, which have not shown such positive dynamics.
This divergence may be explained by Solana’s sharp rebound, recovering losses from Friday to Monday.
At the time of writing, daily growth rates reached 10.2%. The cryptocurrency is valued at $153.1. Other assets in the top 10 by market capitalization are increasing in value by 2.3%-5.2%.
According to DeFi Llama, Solana’s transaction volume more than doubled—from $1.5 billion on Monday to $3.3 billion. The amount of fees exceeded $750,000.
The daily revenue generated by the platform Pump.fun jumped from $300,000 to $535,000.
In a comment for CoinDesk, Lucy Hu from Metalpha explained the rise of SOL by growing optimism regarding a cryptocurrency-based ETF.
On July 8, Cboe BZX filed a form 19b-4 for the 21Shares Core Solana ETF and VanEck Solana Trust.
According to the rules, the agency has 240 days to decide whether to approve the rule changes necessary to list VanEck and 21Shares products on the platform.
Bloomberg analyst Eric Balchunas believes the SEC could register the instrument by mid-March 2025. The outcome of the U.S. presidential election in November will be key in this regard.
Earlier, Matthew Sigel, head of digital asset research at VanEck, reached similar conclusions.
Previously, the possibility of the cryptocurrency becoming the basis for the next ETF was suggested by Matrixport co-founder Daniel Yan. Jeffrey Kendrick, head of research at Standard Chartered, also predicted the emergence of an instrument on SOL in 2025.
This view is shared by Ripple CEO Brad Garlinghouse and Galaxy Digital CEO Mike Novogratz.
In June, digital asset manager 3iQ filed an application to register the first Solana-ETF in Canada with a staking reward option (6–8% per annum).
Earlier, market maker GSR positively assessed SOL’s growth potential in the event of an exchange-traded fund launch. Analysts believe the cryptocurrency could increase in value by 1.4–8.9 times.
Previously, Robert Mitchnick, head of digital assets at BlackRock, expressed doubt about expanding the list of approved crypto-ETFs in the near term.