Solana ETF Approval Depends on Trump's Victory, Solana Memecoin TRUMPFEL Rises 13,000% on Hype

Impact of the US Presidential Election on Solana ETF

Eric Balchunas, a well-known financial analyst at Bloomberg, said that the results of the upcoming US presidential election could have a significant impact on the fate of Solana's exchange-traded fund (ETF) application, sparking discussions in the cryptocurrency space. Balchunas believes that a victory for Joe Biden could lead to strict regulation, which would hinder Solana's ETF prospects. Conversely, a victory for Donald Trump could create more favorable conditions for cryptocurrency regulation, providing a more optimistic outlook for the approval of the Solana ETF.

The Chicago Board Options Exchange (CBOE) recently filed two Form 19b-4 applications on behalf of VanEck and 21Shares to list the Solana (SOL) ETF. The documents highlight Solana's features, such as resistance to price manipulation similar to Bitcoin and Ethereum (ETH), despite acknowledging attempts to manipulate through practices such as wash trading. The CBOE's documents emphasize the belief that despite these challenges, Solana's market integrity remains strong.

Market Sentiment and Odds of Approval

Currently, market sentiment for the approval of the Solana ETF by the end of 2024 remains low, with a PolyMarket poll indicating only a 10% chance of approval. However, based on the regulatory timeline of the U.S. Securities and Exchange Commission (SEC) guidelines, the decision window could be extended into 2025, providing more opportunity for evaluation and potential approval.

The Stunning Rise of TRUMPFEL

While the odds of the Solana ETF getting approved appear to be less than ideal, the Solana (SOL) ecosystem has seen a lot of activity recently, especially with the launch of several memecoins. The most prominent of these is Trump The Felon (TRUMPFEL), which has experienced an extraordinary surge, with a 13,000% increase in price since its launch. In the past 24 hours alone, the memecoin has increased in value by more than 7%.

According to CoinMarketCap, TRUMPFEL is trading at $0.001085 with a 24-hour trading volume of $10,600. TRUMPFEL’s massive growth can be attributed to the nature of memecoins, which typically attract a lot of attention and investment from crypto enthusiasts after their release.

TRUMPFEL is set to be listed on the cryptocurrency exchange KuCoin soon. The new listing is expected to generate more hype and could lead to an 18,000% increase in TRUMPFEL’s value in the coming weeks.

Comparison with other Solana memecoins

When discussing SOL’s newest memecoin, TRMPFEL, it is also worth evaluating the performance of other famous SOL memes, such as dofwifhat (WIF) and Bonk (BONK).

Interestingly, while TRMPFEL has experienced a significant price surge, WIF and BONK have seen very different results.

BONK is showing a red daily chart, indicating a decline, while WIF’s price has dropped by more than 2% in the past 24 hours. At the time of reporting, BONK is trading at $0.0000263, while WIF is trading at the same $0.0000263.

Surprisingly, despite the price drop, BONK’s weighted sentiment graph shows growth, indicating an uptick in bullish sentiment around the token.

Despite the varying performances of its memecoins, Solana itself is showing bullish momentum. At press time, SOL is trading at $140.88 with a market cap of over $66.7 billion.