DIGIVESTASI - Solana Dominates Crypto Market, Surpasses Bitcoin in Value Surge. Solana has become a standout in the crypto world this year with a significant rise, far surpassing Bitcoin. Solana's increase reached approximately 835%, while Bitcoin only rose about 104% in the same period until June 28, 2024, according to CoinMarketCap data.

As of June 28, 2024, at 05:23 WIB, Solana surged 8.79% in the last 24 hours, whereas Bitcoin only increased by 1.01%.

Throughout 2024, the Solana network experienced a very active period with thousands of new projects continually emerging on this platform, especially in the meme coin sector.

Positive sentiment towards Solana has strengthened after VanEck, one of the first issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, filed an application for a new Solana ETF. Matthew Sigel, head of digital asset research at VanEck, announced that the company had submitted the VanEck Solana Trust to the U.S. Securities and Exchange Commission (SEC) on June 27, 2024.

Sigel explained that VanEck chose to apply for a Solana ETF because this blockchain offers a unique combination of scalability, speed, and low costs, making it a major competitor to Ethereum.

Previously, the SEC approved the first spot Bitcoin ETF in January, and an ether ETF is expected to be approved soon. Analysts predict that the ETH ETF will attract net inflows of US$5 billion within the first five months. Experts also say that if the ETH ETF is approved, Solana might be the next crypto to be packaged in such a fund, given its similarities to Ethereum.

According to CoinTelegraph, the VanEck Solana Trust aims to capitalize on Solana’s decentralized nature, high usability, and economic efficiency. Sigel mentioned that this is the first filing for a Solana ETF in the U.S.

In its filing with the SEC, VanEck explained that the VanEck Solana Trust is expected to be listed on the Cboe BZX Exchange if approved by the SEC. The investment objective of the VanEck Solana Trust is to reflect the price performance of Solana, excluding the operational costs of the trust.

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