SOL Jumps 6.72% on Solana ETF Filing – Sealana Airdrop Starts July 2

• VanEck files for the US' first $SOL ETF six days after 3iQ's application for a $SOL ETP in Canada.
• $SOL surged nearly 800% year-to-date, with ecosystem tokens following suit.
• The latest Solana meme coin, $SEAL, will list on exchanges on July 2, with four days left to join the presale.

After the introduction of the $BTC ETF and initial approval of the $ETH ETF, many anticipated a $SOL ETF. Recent news about digital asset manager 3iQ's filing for a $SOL ETP strengthened the likelihood.

Now, the day has come - global investment manager VanEck filed for a spot $SOL ETF, which would become the first in the US.

VanEck Files for Spot Solana ETFhttps://t.co/RwHYPp65FW

- Watcher.Guru (@WatcherGuru) June 27, 2024

The token saw a 6.72% 24-hour increase following the news, and the bullish trend is set to continue, given the rollout of Solana Actions. Let's uncover the $SOL ETF and what it means for Solana ecosystem coins.

First US Solana ETF Filing Could Support $SOL's Bullish Trend

VanEck, an investment firm with nearly $90B worth of assets under management, had previously issued $BTC and $ETH ETFs. Yesterday, VanEck filed the S-1 registration form to the SEC, raising hopes for a Solana ETF soon.

During the review period, the SEC can deny the application. However, this scenario seems unlikely given that $SOL is a similar asset to $BTC and $ETH, and we've already seen numerous crypto investment products on the traditional stock market.

If approved, it would be the first $SOL ETF in the US that could drive the $SOL price up due to increased demand among general investors.

However, we may see a $SOL ETP by 3iQ on the Toronto Stock Exchange first. It's worth noting that despite these $SOL investment products being frontrunners in the US and Canada markets, they aren't the first in the world.

You guys would be stunned to realize we already have over $1 Billion in Solana ETPs elsewhere in the world!! pic.twitter.com/y3zSZrHJGo

- James Seyffart (@JSeyff) June 20, 2024

Solana's Year in Review - a Perfect Storm for the Ecosystem

This news is yet another feather in Solana's cap this year. Several factors contributed to $SOL surging nearly 800% year-to-date:

• $SOL took the lead in stablecoin volume, hosting tokens like $USDT, $USDC, and $PYUSD with a total market cap of $3B.
• Solana Pay integrated with Shopify, increasing $SOL uptake among e-commerce businesses.
• The recent ZK Compression update resolved Solana's scalability and cost issues.
• Solana Actions allowed Solana transactions to be integrated into any internet environment, further driving adoption.

The native coin's growth benefited other tokens on the network:

• $LINK by 135%
• $RNDR by 282%
• $WIF by 1,113%
• $BONK by 6,616%

As is often the case, meme coin investors saw the largest gains due to hype and FOMO surrounding such projects. However, utility tokens and stablecoins have also experienced significant growth.

$SEAL Rides Solana's Wave, 4 Days Left Until Token Airdrop

Solana's fortuitous developments could also boost presale tokens like Sealana ($SEAL). With over $6M raised, $SEAL is set to list on exchanges on July 2, leaving investors four days to join the movement.

Recent developments could send ripples throughout the entire Solana ecosystem, giving $SEAL the necessary post-listing lift and making it one of the best presales right now.

$SEAL delves deeper than most meme coins, adding cultural relevance into the mix.

Beyond Solana's explosive popularity, $SEAL's appeal lies in its American redneck mascot based on a SouthPark character. The project strategically plays on the ongoing US presidential election campaign, attracting all the freedom-loving crypto enthusiasts.

Investors wishing to participate in the initial token airdrop have the last chance to do so. $SEAL presale supports $SOL and $ETH transfers through any EMV-compatible wallet. $SOL buys will be airdropped on Solana, while $ETH buys on BNB Chain to minimize gas fees.

Final Thoughts

2024 has been a year of innovation for Solana, creating a perfect storm for ecosystem tokens. This bullish trend is likely to continue if the SEC approves the first US $SOL ETF, opening doors to a wider investor base.

Meanwhile, investors looking to capitalize on this momentum can participate in the $SEAL presale until the token lists on DEXs.

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