Crypto

Solaxy Presale Hits $15M, Will New ETFs Trigger a Bull Run?

Exploring the New Frontier of Altcoin ETFs

Tuttle Capital has made a significant move by submitting applications for ten altcoin exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission (SEC). These potential offerings include well-known cryptocurrencies like Chainlink ($LINK) and Cardano ($ADA), alongside meme-inspired coins such as Bonk ($BONK) and Official Trump ($TRUMP). This development follows a notable shift in the SEC’s leadership, with the pro-crypto Mark Uyeda taking over the reins from the more critical Gary Gensler.

An Era of Exploration for U.S. Fund Managers

Tuttle Capital is not new to the ETF space, having previously launched several leveraged ETFs for Bitcoin ($BTC) and Ethereum ($ETH). The firm is now seeking approval for ten new 2x ETFs, which include assets like XRP ($XRP), Solana ($SOL), and Melania ($MELANIA). These ETFs are designed to amplify daily gains or losses by a factor of two, based on the tokens they are tied to.

Advertisement Banner

While the idea of $SOL and $XRP ETFs has been circulating for some time, the introduction of meme coin ETFs represents a novel and experimental approach. Just last week, REX Shares submitted a filing for a Dogecoin ($DOGE) ETF, potentially viewing it as a more reliable and sustainable option compared to offerings like $TRUMP or $MELANIA. Analysts at Bloomberg Intelligence suggest that these issuers are exploring the boundaries of what the SEC might permit under its new leadership. The critical question remains: How far will the regulators go?

Tuttle Capital’s Potential to Set a New Standard with Meme Coin ETFs

Should Tuttle Capital’s ETF proposals gain the SEC’s approval, these financial products could hit the market as early as April. This would establish a precedent for meme coin ETFs, potentially paving the way for similar offerings tied to a wide range of tokens. However, meme coins with tangible utility are more likely to receive regulatory approval.

One such project is Solaxy ($SOLX), a Layer-2 solution for the Solana network that features a Pepe mascot. Solaxy addresses network congestion, minimizes transaction fees, and accelerates transfers by offloading some transactions to its sidechain. As there are currently no Layer-2 solutions for Solana, Solaxy is pioneering this space. Its innovative utility has garnered attention, enabling it to raise over $15.6 million during its presale phase. Currently, one $SOLX is priced at $0.001618, offering potential investors an attractive entry point.

Exchange listings often have a positive impact on token value, and Solaxy has already planned for such listings. If the $SOLX ETF is launched, we may witness a significant surge in its value. Consider the case of Bitcoin ($BTC): The first spot ETF application was filed in 2013, but it wasn’t until 2021 that the first Bitcoin ETF debuted in Canada. This development saw Bitcoin’s value soar from $33,000 to $57,000 within a month and then to $60,000 within two months. When BlackRock filed for the first U.S. Bitcoin ETF in June 2023, Bitcoin was trading at $27,000. With Bitcoin ETFs now trading on the U.S. spot market since January 2024, its value has reached $100,000.

Solaxy’s launch coincides with a potential new wave of institutional adoption, which could offer substantial returns for its early backers.

The Future of Meme Coin ETFs: Can They Become Mainstream?

The impact of the newly pro-crypto SEC leadership is already being felt. Although Tuttle Capital’s ETF applications have not yet been approved, they haven’t been rejected either, suggesting a favorable outlook. The cryptocurrency market could be on the cusp of a new bull cycle, where institutional investors evaluate projects like Solaxy based on their technological merit rather than their meme-inspired origins.

Nevertheless, it is crucial to remember that the cryptocurrency market is highly volatile, and returns are never guaranteed. Conduct thorough research and maintain a level-headed approach at all times.
“`

author avatar
Emma Horvath
After graduating Communication and Media Studies MA in Eötvös Loránd University, Emma started to realize that her childhood dream as a creative news reporter committed to find dynamic journalism stories. I'm a passionate journalist with a keen interest in the fast-evolving world of cryptocurrencies. I've been reporting on the latest developments in the crypto industry for several years now, covering breaking news and providing insights on how the market is trending. I'm adept at analyzing daily market movements, researching ICOs, and keeping track of the latest innovations in blockchain technology. My expertise in the space makes her a trusted voice in the crypto community. Whether it's the latest Bitcoin price movements or the launch of a new DeFi platform, I am always at the forefront, bringing her readers the most up-to-date and informative news.

Emma Horvath

After graduating Communication and Media Studies MA in Eötvös Loránd University, Emma started to realize that her childhood dream as a creative news reporter committed to find dynamic journalism stories. I'm a passionate journalist with a keen interest in the fast-evolving world of cryptocurrencies. I've been reporting on the latest developments in the crypto industry for several years now, covering breaking news and providing insights on how the market is trending. I'm adept at analyzing daily market movements, researching ICOs, and keeping track of the latest innovations in blockchain technology. My expertise in the space makes her a trusted voice in the crypto community. Whether it's the latest Bitcoin price movements or the launch of a new DeFi platform, I am always at the forefront, bringing her readers the most up-to-date and informative news.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button