Solana-Based Meme Coins Surge Following SEC's Approval of Spot Bitcoin ETF

According to Decrypt, following the Securities and Exchange Commission's (SEC) historic approval of a spot Bitcoin ETF in the United States, Solana-based meme coins experienced a surge in value. One such coin, ETF, which references the term 'Electric Turkey Frier,' debuted on the Solana-based automated market maker (AMM) Raydium at the same time the SEC decision was expected. Upon the approval, the ETF token's value increased by 30,800% before starting to fluctuate wildly. The token has since amassed $775,000 in trading volume from over 1,900 unique crypto wallets. Another Solana-based token, BTCETF, also experienced a significant increase of 43,000% after the SEC's announcement, with $540,000 pumped into the coin. However, it too started crashing within minutes, now holding a market capitalization of $69,000 and $12,000 worth of liquidity. Meme coins often capitalize on breaking news, but they carry extremely high levels of risk and are prone to rapid fluctuations in value.