Market
Solana ETF Prospects Rise If Donald Trump Wins Presidency
![](https://coin2049.io/wp-content/uploads/2024/06/bic_-Solana_SOL_4-covers_bullish.jpg.optimal.jpg)
As the 2024 US presidential election approaches, the prospects for altcoin exchange-traded funds (ETFs), particularly Solana, could hinge significantly on the political outcome.
The Securities and Exchange Commission (SEC) has recently shown some leniency by allowing fund managers to list spot Ethereum ETFs. However, SEC Chair Gary Gensler cautioned that it would take time for these to launch.
Trump Victory Could Boost Solana ETF Approval Odds
Speculation about the next potential crypto ETF has already begun, with Solana emerging as a leading contender. Cathie Wood, CEO and CIO of ARK Invest, stated that major financial institutions would likely focus on the top cryptocurrencies when pushing for new ETFs, mentioning Solana as the next potential target.
Interestingly, Franklin Templeton, managing approximately $1.64 trillion in assets, has praised Solana’s significant growth and even hinted at the launch of an altcoins fund.
“On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023: DePIN, DeFi, Meme Coins, NFTs, Firedancer,” Franklin Templeton said.
Meanwhile, CoinShares reported a significant increase in altcoin holdings among hedge funds and wealth managers, specifically noting Solana. Ophelia Snyder, co-founder and president of 21.co, echoes this growing interest, reporting nearly $990 million in assets under management for the firm’s Solana exchange-traded product (ETP) on European exchanges.
Read more: How to Buy Solana (SOL) and Everything You Need To Know
![Crypto Investment Flows](https://beincrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-10-at-6.37.36-PM.png)
Given Donald Trump’s position as a pro-crypto candidate, Bloomberg ETF analyst Eric Balchunas speculated that his victory could lead to a more favorable environment for altcoin ETFs. Trump could potentially appoint a new SEC commissioner with a more lenient approach toward cryptocurrencies.
Indeed, a Trump win in the 2024 US presidential election might prompt ETF issuers to flood the SEC with new applications, testing the waters with various altcoin ETFs, such as Solana, as Wood mentioned.
“If Trump wins, we could see other coins as ETFs, in my opinion,” Balchunas said.
Despite the enthusiasm, US regulatory approval remains stringent, and the SEC’s recent acceptance of Ethereum ETFs was a challenging process. Balchunas remarked that the SEC’s approval timeline could delay the introduction of another altcoin ETF by years.
Read more: Solana (SOL) Price Prediction 2024 / 2025 / 2030
He also pointed out that a continued Democratic administration could maintain the current restrictive approach, reducing the likelihood of new altcoin ETF approvals. For this reason, the approval process remains cautious and conservative until then.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Meme Coin Investors Exit as Bitcoin Hits New Lows
![](https://coin2049.io/wp-content/uploads/2024/06/BIC_Recession_falling-covers_negative-min.png)
As Bitcoin hits a two-month low of $57,500, numerous crypto investors are strategically exiting volatile meme coins. The broader market downturn has notably affected these digital assets, known for their speculative nature, leading to significant sell-offs.
This week, some of the investors have started booking profits. Yet, they still hold a significant amount of meme coins, awaiting market recovery.
Crypto Investors Sold Pepe, Dogwifhat, and MICHI
“Dimethyltryptamine.eth,” who owns the wallet address 0x4a2, returned after 10 months of dormancy. According to Spot On Chain, this crypto whale exchanged 10 billion Pepe (PEPE) for $112,000, converting them into 32.73 Ethereum (ETH) at a rate of $0.0000112118.
Despite the market’s volatility, this investor still possesses 1.99 trillion PEPE, currently valued at $22.35 million, which represents a staggering 59,600% increase in value.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Moreover, this investor holds substantial amounts of other meme coins. Their portfolio includes 711.7 million Wojak (WOJAK) and 147.5 billion Mog Coin (MOG), with unrealized profits of $457,000 and $824,000 respectively. These figures highlight the considerable gains still possible in the fluctuating meme coin market.
In another significant movement, BxPMj transferred 900,000 Dogwifhat (WIF) tokens, valued at $1.64 million, to the centralized exchange Bybit. Despite the market’s downturn, BxPMj’s remaining holdings in WIF are estimated at $1.76 million.
Additionally, the owner of a Solana (SOL) wallet, J2GcK, sold 8.6 million michi (MICHI) for $1.34 million, realizing a profit of $1.24 million. Initially, J2GcK had invested 578 SOL, worth $103,000, to purchase these tokens between April 8 and April 15. At their peak, the MICHI tokens were valued at over $5 million, demonstrating the high volatility and potential profits in meme coin investments.
Previously, in an interview with BeInCrypto, Tristan Dickinson, the CMO of EOS Network, discussed the behavior of crypto whales.
“Whales follow market trends and capitalize where they see an opportunity. As easily as they can liquidate, putting downward pressure on the market, they can hodl if they see an opportunity,” Dickinson told BeInCrypto
Currently, the meme coin sector has declined by approximately 13% in the last 24 hours. WIF, among the top 10 meme coins, experienced the most significant drop, declining by 13.2%.
Read more: 11 Top Solana Meme Coins to Watch in July 2024
![Top 10 Meme Coins Based on Market Capitalization](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-04-at-2.32.46 PM-850x610.png)
Conversely, meme coins such as Dogecoin (DOGE) and DOG•GO•TO•THE•MOON have faced less severe impacts, with reductions of 8.6% and 7.6% respectively.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BitMEX Launches Meme Coin Index Amid Market Slump
![](https://coin2049.io/wp-content/uploads/2024/05/BIC_Memecoins_space.png)
BitMEX Exchange deployed its version of an S&P 500 for meme coins on Thursday, effectively becoming the second hub to offer this kind of basket index in 2024.
Meme coins continue to ascend the ranks as crypto adoption continues to grow. Meanwhile, the development comes amid a sector bloodbath, with some altcoins posting double-digit losses.
BitMEX Launches Meme Basket Index Perp
The trading platform called its MEMEMEXTUSDT contract the “S&P 500 for crypto memecoins,” margined in Tether’s USDT stablecoin with up to 25X leverage. Like the premier US stock market index, the S&P 500, which tracks the prices of large-cap US stocks, it will simultaneously track and offer exposure to the top meme coins.
“Users can bet on the overall performance of the assets in one go, rather than holding individual tokens,” BitMEX wrote in the announcement, adding, “By trading the contract, you get exposure to the entire basket of meme coins in our Meme Basket Index, without having to hold any of the individual tokens.”
Top meme coins featuring in the basket index include Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), Dogecoin (DOGE), and Bonk Inu (BONK). Others include FLOKI, BRETT, BOME, MEME, and MOG. The weighted methodology, which is based on market share, will ensure selection on market value metrics.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
The product comes barely two months after investment firm VanEck launched its MEMECOIN Index. Christened MemeVector, VanEck’s product tracks only the first five tokens that BitMEX mentioned. The asset manager disclaimed, “Coins are intended for entertainment purposes.”
VanEck’s disclaimer came as meme coins were never taken seriously in the past. Forbes describes them as “cryptocurrencies inspired by memes and internet jokes, with little or no fundamental value.” However, some traders believe them to be a global shilling point for speculative liquidity.
“Meme coins may seem unconventional, but they highlight the power of community in crypto,” Tron founder and Huobi Global advisor Justin Sun said during Token2049.
Meme Coins Go Mainstream
Indeed, meme coins are a volatile sector with a tendency for price fluctuations as determined by market sentiment. Nevertheless, they have progressively climbed the ranks in 2024, jumpstarted by the Avalanche Foundation in December, committing to support diverse and culturally significant initiatives.
“The Avalanche Foundation intends to start using Culture Catalyst to recognize and encourage the culture and fun symbolized by meme coins by purchasing select Avalanche-based meme coins to create a collection. This move complements the Avalanche Foundation’s ongoing engagement across the Avalanche ecosystem, including NFTs, RWAs, and other types of crypto assets, broadening its portfolio to embrace a more complete spectrum of possibilities,” Avalanche wrote.
The Foundation’s commitment to invest in meme coins made the sector a bona fide cryptocurrency niche. Analysts are already predicting that this sector could lead the next altcoin season.
Read more: Best Crypto To Buy Now: Top Coins To Keep an Eye on in July 2024
Therefore, VanEck and BitMEX exchange launches are further advancing the niche. As meme coin adoption continues, more conservative investors could start approaching the scene just as Bitcoin spot ETFs (exchange-traded funds) brought BTC to Wall Street.
“Retail investors are drawn to meme coins because they offer the same opportunities as venture capitalists during seed, pre-seed, and private sale rounds,” Jonas Dovydaitis, Co-Founder & CEO at PAiT, told BeInCrypto.
Meanwhile, meme coins are dumping, with the sector’s market capitalization falling by almost 9% to $42 trillion. This is part of a market-wide crash led by Bitcoin, which is down 5% to trade for $57,459 at the time of writing.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?
![](https://coin2049.io/wp-content/uploads/2024/07/Bitcoin-dips-58k.jpeg)
Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000.
- Bitcoin started a fresh decline and traded below the $60,000 zone.
- The price is trading below $61,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might struggle to start a fresh increase above the $60,850 resistance zone.
Bitcoin Price Dives 5%
Bitcoin price struggled to start a decent recovery wave above the $62,850 resistance level. The bears took control and pushed BTC below the $61,200 support zone. There was a sharp decline below the $60,000 level.
The price declined 5% and even spiked below the $58,000 level. A low was formed at $57,890 and the price is now consolidating losses. There was a minor increase above the $58,500 level and approaching the 23.6% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low.
Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.
If there is a decent increase, the price could face resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low.
The next key resistance could be $61,500. A clear move above the $61,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,250 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term.
More Losses In BTC?
If Bitcoin fails to climb above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,250 level.
The first major support is $58,000. The next support is now forming near $57,800. Any more losses might send the price toward the $56,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,250, followed by $58,000.
Major Resistance Levels – $59,250, and $60,000.
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