People in the cryptocurrency world are speculating that Solana (SOL) could become the next leader. The US Securities and Exchange Commission (SEC) made history when it agreed to allow Ethereum [ETH] spot Exchange Traded Funds (ETFs). A lot of people are happy about this, and the thought of a Solana ETF is getting attention again.
The idea of this move was sparked by Brian Kelly, a trader on CNBC’s “Fast Money,” and Daniel Yan, co-founder of Matrixport. This got people in the Solana community very excited. A tweet from user X named “borovik” summed up the fun and showed how happy everyone was in the community.
Solana ETF Market Drop
Meanwhile, not everyone is happy about the Ethereum ETF’s approval. Some people who follow the market, like “The Bitcoin Therapist,” were worried on Twitter that the approval might be bad for the market as a whole.
Even with all the talk, the acceptance of the Ethereum ETF did not immediately make Solana’s price go up. In fact, it has gone down by 6.17% in the last 24 hours. This drop makes people wonder what a Solana ETF might do to the market, especially to Solana-based memecoins.
Similarities have been found between this and what happened with Ethereum-based memecoins after the ETF was approved. Dogecoin [DOGE] has lost 5% in value in the last 24 hours, showing that the ETF approval did not cause the price to rise.
Still, Coinalyze data showed that Open Interest went up by 4.71 percent during the same time period, which suggests that market activity and investment interest are growing.Shiba Inu [SHIB] lost 6% of its value, and its Relative Strength Index (RSI) hit 46, which means it is going down.
Just like DOGE, SHIB didn’t like the news about the ETF right away.The number of conversations and the weighted sentiment of Santiment’s statistics show that conversations about DOGE and SHIB are going down, but overall sentiment is still positive. Even though prices are going down, this shows that buyers are still interested.
Memecoins like Dogwifhat [WIF], Bonk [BONK], and Book of Meme [BOME] that were based on Solana have also moved in the same way. The Ethereum memecoin market did not get better after an Ethereum ETF was allowed, as this trend shows.
