Grayscale’s Updated List of Promising High-Upside Tokens
Renowned asset management firm Grayscale has recently refreshed its list of the top 20 tokens with significant upside potential. In this update, six new tokens have been introduced, with two of them, Jupiter ($JUP) and Jito ($JTO), operating on the Solana blockchain.
Jupiter and Jito: Leading the Solana Ecosystem
Jupiter stands out as one of the largest decentralized exchange aggregators on Solana, boasting the highest Total Value Locked (TVL) among all applications within the network. Meanwhile, Jito has emerged as a prominent liquid staking protocol, generating impressive fee revenue exceeding $550 million in 2024.
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Introduction of New Tokens
The other newly added tokens are Virtuals Protocol ($VIRTUALS), Grass ($GRASS), Ethena ($ENA), and Hyperliquid ($HYPE), each bringing unique value propositions to the crypto landscape.
Criteria for Grayscale’s Token Selection
In a comprehensive report released on December 30, 2024, Grayscale detailed the criteria that guided the selection of tokens for its list. These tokens are linked to three pivotal parameters:
- The impact of Trump’s victory in the US elections on decentralized finance (DeFi) and staking.
- Advancements in decentralized AI technologies.
- The increasing influence of Solana’s ecosystem in the cryptocurrency market.
Grayscale anticipates that tokens demonstrating these characteristics will perform exceptionally well in 2025. The inclusion of two Solana-based projects signifies a potential paradigm shift in the cryptocurrency industry, challenging the long-standing dominance of Bitcoin and Ethereum.
Solana’s Rising Dominance
Notably, Solana ($SOL) has surpassed both Bitcoin ($BTC) and Ethereum ($ETH) for the first time. Following a significant downturn in 2022 due to the FTX collapse, Solana’s value has surged by an astounding 2,000%. A report from Glassnode highlights that over the 727 days since Solana’s 2022 dip, its price outperformed Bitcoin and Ethereum on 344 days.
The Potential for $SOL ETFs in 2025
Grayscale’s focus on Solana could indicate plans to consider launching $SOL ETFs, drawing parallels to its previous initiatives with Bitcoin. Experts foresee substantial demand for $SOL ETFs, driven by Solana’s market cap of $91 billion, which is significantly lower than Ethereum’s $403 billion. This implies that even modest investments in $SOL could yield a substantial positive impact on its value.
Challenges and Opportunities
However, Grayscale must navigate certain challenges before realizing this opportunity. The $SOL ETF is presently under review by the US Securities and Exchange Commission (SEC), with an initial decision expected by the end of January 2025.
Final Thoughts
The developments surrounding Solana offer encouraging prospects for investors, particularly those interested in $SOLX, a new Layer-2 scaling solution aimed at addressing Solana’s scalability challenges. Industry experts, including ClayBro, regard $SOLX as a potential 100x token.
Nevertheless, investors should exercise due diligence and conduct thorough research before committing their hard-earned money to any asset, including meme coins.
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