Solana ETF Fuels Meme Coins, Sealana ($SEAL) ICO Nears $2.5M in Presales

The US House of Representatives has just passed a bill establishing regulations for digital assets, including cryptocurrencies.

This move comes amid Brian Kelly's (a well-known crypto investor) speculation on CNBC about a potential Solana ETF.His prediction comes just before the Securities and Exchange Commission (SEC) decides on a proposed spot Ether ($ETH) ETF.

While the future of a Solana ETF remains to be seen, the meme coin scene on Solana ($SOL) is heating up. Tokens like DogWifHat ($WIF) and Popcat ($POPCAT) grew by 8.40% and 14.93% this month, respectively.

Similarly, Slothana ($SLOTH), which recently made waves on presale and raised over $15M, surged over 70% post-listing.

And now, the next big meme coin is on the horizon - Sealana ($SEAL). $SEAL has secured $2.5M during its initial coin offering (ICO) and shows no signs of stopping. Today, we explain how to participate in $SEAL's ICO.

Unpacking the FIT21 Bill - Are Regulations a Good Thing?

The FIT21 bill assigns the Commodity Futures Trading Commission (CFTC) as the main regulatorfor digital assets. The CFTC is generally considered more crypto-friendly than the Securities and Exchange Commission (SEC).

Moreover, the bill passed with a surprisingly strong vote of 279-136, with significant support from both Democrats and Republicans, showing a growing acceptance of crypto across the political spectrum.

Overall, new legislation is a double-edged sword.

Interestingly, both President Biden and SEC Chair Gary Gensler strongly oppose the bill.

Rep. Maxine Waters criticized the bill for insufficient consumer protections.

She argued it might allow some crypto businesses to avoid responsibility for violating existing securities laws.

On the one hand, tightening regulations raises centralization concerns and may cause extreme volatility in the market.

On the other hand, this is the first major crypto bill to be approved by a chamber of Congress. We expect it to increase mainstream crypto adoptionby building trust among institutional investors and US consumers.

$SOL ETF

Crypto ETF news has grabbed many headlines lately:

• Ripple's CEO confirmed the company would welcome $XRP ETF
• The SEC is about to make a decision on $ETH ETF
• $BTC ETF received a $303M inflow on May 15

Now, Brian Kelly speculates that $SOL is poised to be next, given that $BTC is already trading on the futures market and $ETH ETF is on the way.

Oh weird @cnbc says $SOL is the next ETF.

Hmm, where have I heard that before... pic.twitter.com/aYAedMhcM0

- Je McCann (@joemccann) May 22, 2024

A $SOL ETF would allow investors to profit from the token's price fluctuations without buying the crypto themselves.

This could introduce $SOL to a broader investor pool, increasing its liquidity and value. Even though the $SOL ETF hasn't been approved yet, speculations on the matter have ignited hype around the coin.

Typically, other tokens on the network follow suit, and this trend is already evident:

• Chainlink ($LINK): 20.91% weekly increase
• The Graph ($GRT): 9.40% weekly increase
• DogWifHat ($WIF): 0.87% weekly increase, 6.78% 24-hour increase
• Bonk ($BONK): 32.04% weekly increase
• Book of Meme ($BOME): 7.28% weekly increase

Beyond established tokens, we see new projects like $SLOTH raising millions on ICOand surging 156% in a day.

The success of such presales solidifies Solana as the leading platform for meme coins.

$SEAL ICO

$SEAL is the latest Solana token with strong potential for repeating $SLOTH's triumph. The project raised $130K in under 24 hoursfrom launching the ICO and now stands at $2.5M.

Like many meme coins, $SEAL has no utility and relies solely on community sentiment. Yet, the project's ironic play on American culture has attracted over 5K followers on X.

Rumors say the $SLERF team is behind $SEAL. This follows a $10 million token burn in $SLERFthat some believe was a misguided attempt to revive the project.

Luckily, $SEAL continues to gain traction, and the timing amidst Solana meme coin hype is perfect for its ICO. It has no tiered price increases - instead, $SEAL uses a send-to-wallet system with a fixed price of $0.022.

Now, let's break down how to buy $SEAL before it goes live at a below-listing price:

• Visit the official $SEAL presale website.
• Connect your crypto wallet to the presale.
• Enter the amount of $SOL, $ETH, $USDT, or $USDC you want to exchange for $SEAL.
• Confirm the transaction.

You won't receive the tokens instantly. They will be airdropped once the presale is over.Final Thoughts

As we watch how regulations turn out for the broader crypto market, one thing's for sure: the party's still on in the meme coin scene, especially on Solana.

$SEAL has all chances of becoming the next big meme token, which is evident from positive community sentiment.

Meanwhile, we must remind you to always DYOR and never fall for FOMO. The crypto market is volatile, so don't invest more than you're prepared to lose.

The post Solana ETF Fuels Meme Coins, Sealana ($SEAL) ICO Nears $2.5M in Presales appeared first on The Tech Report.