Due to the VanEck ETF application, memecoin prices in the Solana ecosystem have skyrocketed; BOME, WIF, and BONK have risen due to market speculation and increased trading volume.
In the past 24 hours, memecoin prices based on Solana have risen sharply, with gains reaching double digits. This bullish trend is due to investment firm VanEck’s recent application to launch the first Solana ETF in the United States, which has sparked market speculation.
The prospect of the ETF injects optimism into the Solana ecosystem, leading to an increase in trading volume for related memecoins.
Despite the growing interest in Solana, Bloomberg analyst James Seyffart says the ETF is unlikely to launch this year. He points out that the listing of the ETF requires significant regulatory changes, which may be affected by changes in leadership at the White House and the US Securities and Exchange Commission.
BOME, the Book of Meme, saw a resurgence in bullish momentum after a bearish trend in the past 24 hours. Previously, the coin successfully jumped to the cryptocurrency with the largest increase in CoinMarketCap and set a new 7-day high.
As a result, BOME’s price fluctuated between the highest and lowest prices of $0.01073 and $0.00901, respectively. At the time of writing, BOME’s trading price was $0.0107, up 17.20% from the lowest price in 24 hours.
During this period of growth, BOME’s market capitalization and 24-hour trading volume soared by 16% and 124%, respectively, reaching $736,722,054 and $179,342,372.
Despite the bulls and bears fighting for control in the past 24 hours, Dogwifhat (WIF) also experienced positive changes, with prices fluctuating between a high of $2.24 and a low of $1.98.
However, despite the rebound, WIF still fell 37% in the past month, down 56% from its historical high of $4.85 in March. At the time of writing, WIF’s trading price was $2.11, up 5.20% from the support level, and up 4.75% last week.
At the same time, WIF’s market capitalization and 24-hour trading volume rose by 5.13% and 16.20%, respectively, reaching $2,113,248,571 and $556,121,389. This significant growth reflects investors’ increased interest, especially against the backdrop of traders’ expectations that the Solana ETF will be approved and trigger explosive growth.
Bonk (BONK), a memecoin on Solana, experienced a bearish trend earlier, with bears pushing its price down to $0.0000215 and forming support at that point.
However, BONK subsequently rebounded, rising 15% to a new high of $0.00002493 in 7 days.
However, despite signs of recovery, BONK’s price is still down 40% and 49% from last month’s high of $0.00004704. During this recovery period, BONK’s market capitalization and 24-hour trading volume rose by 11% and 40%, respectively, reaching $1,668,475,548 and $267,138,277.