Solana Sees Strong Inflows as Product Launches Boost Appeal
Solana (SOL) experienced its largest weekly inflows since March of last year, according to CoinShares. The altcoin attracted $24 million in investments, bringing its year-to-date inflows to $55 million. Solana has recorded inflows in 28 out of 32 weeks this year, with only four weeks seeing outflows. In comparison, Bitcoin dominated digital asset investment products with $43 million in inflows.
Teppid Appetite for Ethereum Futures ETF
CoinShares noted that there was only limited interest in the newly launched Ethereum futures ETF products in the US, with less than $10 million flowing into them. Germany and Switzerland accounted for the majority of last week’s inflows, bringing in $37.3 million and $31.3 million respectively. In contrast, the US and Canada combined only saw $9 million in inflows.
Rising Total Value Locked for Solana
Solana’s popularity as an altcoin extends beyond its recent influx of investments. According to crypto analysis firm Nansen, Solana’s Total Value Locked (TVL) has nearly doubled since the beginning of the year, reaching 30.95 million SOL.
Solana’s Success Attributed to Institutional Investors and Partnerships
Solana’s success in 2023 can be attributed to its appeal to institutional investors and strategic partnerships. The altcoin has seen over 20 weeks of continuous inflows and has partnered with companies like Visa. Additionally, Solana offers fast and cost-effective transactions.
Hot Take: Solana Continues to Rise Amidst Growing Interest
Solana’s recent surge in inflows and rising Total Value Locked demonstrate its growing appeal in the crypto world. With successful product launches, institutional investor interest, and strategic partnerships, Solana is establishing itself as an altcoin of choice. As the crypto market continues to evolve, Solana’s unique features and potential for growth position it as a promising investment option.
By
By
By
By
By
By