Solana (SOL) has experienced a remarkable surge of 800% over the past year, surpassing the growth of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). This significant rise is attributed to recent approval and interest in Solana-based ETF products by the U.S. Securities and Exchange Commission (SEC).
Solana (SOL) has surged nearly 800% over the past year, significantly outperforming other major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). CoinMarketCap data reveals that Solana is up by 803% from its value a year ago. In the same period, Ethereum has risen by 51%, while Bitcoin’s growth stands at 45%. This sharp rise follows the U.S. Securities and Exchange Commission’s (SEC) approvals of ETF products focused on these cryptocurrencies.
Bitcoin initially soared to a record high of $73,798 in March 2024, stimulated by the launch of the first U.S. spot ETFs in January. However, its momentum has since slowed as interest has shifted more towards Ethereum and Solana. Solana’s recent performance gained a boost from ETF-related news, particularly when VanEck, an exchange-traded fund company, applied to the SEC for a Solana-based ETF. This application caused SOL to spike by up to 11%, marking its largest increase since late May. The VanEck Solana Trust is the first registered Solana ETF in the U.S., coming on the heels of the SEC’s approval of spot Ether ETFs on May 24, 2024. Currently, Solana ranks as the fifth-largest cryptocurrency by market capitalization, with a recent 4.92% increase, trading at $145.6.
Amidst these market dynamics, a new entrant, Pawfury (PAW), is beginning to make its mark in the cryptocurrency space. Much like the early days of Solana, Pawfury has shown promising potential through its presale performance. This new cryptocurrency has attracted considerable attention and investment, with analysts noting its significant growth potential. The presale has been met with enthusiasm from the community, setting a solid foundation for its future market performance. As investors look for the next big opportunity in crypto, Pawfury’s early successes could position it alongside other top-performing cryptocurrencies like Ethereum, Bitcoin, and Solana.
