Bitget Research: VanEck submits Solana trust application, SOL poised for sustained mid-to-long-term upside
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Bitget Research: VanEck submits Solana trust application, SOL poised for sustained mid-to-long-term upside
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
VanEck has filed for shares of a Solana (SOL) exchange-traded fund (ETF), and driven by this positive news, SOL's 24-hour price gain reached nearly 8%. The market is gradually reaching consensus on Ethereum ETFs, expecting ETH ETF inflows to be smaller in scale compared to Bitcoin ETFs. Specifically:
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The sectors with relatively strong wealth-generation potential are: Ethereum ecosystem (MKR, ENS), TON ecosystem (TON, NOT);
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User-searched tokens & topics: Zeta Markets, Kaspa, FET;
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Potential airdrop opportunities: Sofamon, Particle;
Data collection time: June 28, 2024, 4:00 AM (UTC+0)
I. Market Environment
Asset management firm VanEck has filed to issue shares of a Solana (SOL) exchange-traded fund (ETF), marking the first such registration in the U.S. Boosted by this positive development, SOL surged nearly 8% over 24 hours, breaking above $150. Bitcoin and Ethereum prices remained largely unchanged, hovering around $62,000 and $3,440 respectively.
Regarding Ethereum ETFs, official reports indicate that 21Shares has submitted a new Form 8-A12B for its spot Ethereum ETF. In a report released Wednesday, Charles Yu, Vice President of Research at Galaxy, estimated conservatively that ETH ETF inflows could reach 20% of Bitcoin ETF inflows during the first five months of trading. While there is anticipation surrounding Ethereum ETFs, the market is increasingly forming a consensus that ETH ETF capital inflows will be smaller than those of Bitcoin.
II. Wealth-Generating Sectors
1) Sector Movement: Solana Meme Coins (NUB, MANEKI, WEN)
Main reasons:
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VanEck’s application to launch a Solana (SOL) ETF has positively impacted Solana-based meme coins, triggering a broad rebound across the ecosystem;
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AI-related assets have undergone significant corrections overall, and as projects most sensitive to capital flow shifts, they are showing technical signs of rebounding.
Price performance: NUB, MANEKI, and WEN each rose over 15% within 24 hours;
Factors affecting future outlook:
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Trading activity going forward: Currently in a recovery phase from lows; sustained volume expansion must be closely monitored. If trading volume remains high alongside continued price increases, it indicates sustained market interest, supporting a hold strategy.
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Institutional capital movements: Established meme projects have robust financial infrastructure. Monitor whether institutional capital continues flowing in through contract data, funding rates, and position concentrations. A sharp rise in open interest is typically a core indicator of institutional participation—monitor derivatives metrics accordingly.
2) Sectors to Watch Going Forward: Ethereum Ecosystem Projects
Main reasons: Coinbase requested SEC documents related to a closed investigation; the SEC publicly declared in 2018 that ETH is not a security; 21Shares submitted a new Form 8-A12B for its spot Ethereum ETF, indicating steady progress toward an ETH ETF.
Specific token list:
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UNI: The pioneering DeFi swap project on blockchain applications. Uniswap generated over $2 million in fees over the past 24 hours, reflecting strong revenue;
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LDO: A leading LSD project in the Ethereum ecosystem, with a TVL as high as $3.25 billion but a valuation under $250 million, suggesting relative undervaluation;
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PENDLE: Project TVL has been rising consecutively, now reaching $6.2 billion. Growing stablecoin market caps and heightened interest in the restaking sector are increasing demand for PENDLE’s services during bull markets;
III. User Search Trends
1) Popular Dapp
Zeta Markets
Yesterday, Zeta Markets, a Solana-based DeFi derivatives platform, opened claims for its governance token airdrop. The airdrop claim window will remain open for 90 days. Previously, Zeta Markets raised $5 million in strategic funding 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.
2) Twitter
Kaspa:
Yesterday, Kaspa (KAS) broke above $0.18, currently priced at $0.1802, with a 24-hour gain of 11.7%. Previously, crypto miner Marathon Digital (MARA) announced it had begun mining Kaspa. Kaspa is an open-source, decentralized, and fully scalable Layer-1 protocol using Proof-of-Work consensus. Unlike Bitcoin, Kaspa employs BlockDAG (Directed Acyclic Graph), allowing multiple blocks to be generated simultaneously. As of June 25, 2024, Marathon has mined 93 million KAS, valued at approximately $15 million.
3) Google Search & Regional Trends
Global perspective:
FET:
According to official announcements, the Artificial Superintelligence Alliance has revealed major updates regarding the ASI token merger. Phase one will begin implementation on July 1, 2024, opening a migration platform on the SingularityDAO dApp allowing holders to convert AGIX and OCEAN into FET. Conversion rates are set at 1 AGIX = 0.433350 FET and 1 OCEAN = 0.433226 FET. Phase two involves cross-chain deployment of the ASI token, upgrading the FET network to the ASI network, opening migration contracts from FET, AGIX, and OCEAN to ASI, enabling EVM and other bridges, and launching ASI spot markets on exchanges. Fetch.ai’s token FET gained 23% over 24 hours. Coinbase stated it will not execute the OCEAN and FET token migrations on behalf of users—holders must complete the process themselves.
Regional search trends:
(1) Asian countries: No clear regional preference observed, though AI projects appeared more frequently, primarily due to strong performance over the past 24 hours by AI-sector tokens including FET, AGIX, and OCEAN.
(2) Western countries: Besides interest in Solana Blinks, KAS token performed well and attracted regional attention. Otherwise, Europe, Latin America, and North America show no distinct unified focus points at present.
IV. Potential Airdrop Opportunities
Sofamon
Sofamon is a project based on the Base network currently building a Telegram sticker marketplace where users can manage their sticker collections, invite friends, and access Sofamon’s private group chats.
Web3 social project Sofamon has completed a seed round led by Polychain Capital, Seed Club Ventures, and Inception Capital. Angel investors include Nick White, COO of Celestia; 0xBeans, former Coinbase engineer; and George Lambeth, co-founder of Divergence Ventures.
How to participate: The team has not yet announced specific airdrop details. However, given Sofamon’s current热度 on social media and within the crypto community, an airdrop is likely. Users can purchase the NFT sticker series launched by Sofamon to qualify.
Particle
Particle is a permissionless decentralized leveraged trading protocol applicable to any digital asset—from tokens to NFTs. It operates without price oracles, counterparty risk, or forced liquidations. As a highly popular project within the Blast ecosystem, early participants stand a chance to receive airdrops.
Particle has completed its seed round with participation from prominent institutions and individuals including Polychain*, Nascent, Inflection, Neon DAO, and Arthur Hayes.
How to participate: Users can visit https://www.duo.exchange/, connect their wallets, and stake core assets from the Blast ecosystem (ETH, WETH, USDB, USDe, etc.) to join.
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