- Altcoins started the week strong with major price increases on Monday.
- Dogecoin led gains among top cryptocurrencies, rising 3.4% after news tied to Elon Musk.
- Solana increased by 3.1%, partly driven by the launch of a new staking ETF in the U.S.
- The new Solana ETF brought in $12 million on the first day and was among the top 1% of new fund launches.
- The SEC has not yet approved ETFs that track the spot price of major altcoins like SOL and ETH.
The cryptocurrency market moved higher on Monday, with altcoins showing the most strength. Dogecoin was the top performer out of the ten largest digital assets by market value, increasing by 3.4% in morning trading. Traders pointed to several factors influencing this move.
Dogecoin’s rise followed reports that billionaire and longtime Dogecoin supporter Elon Musk plans to launch a new political party called “The America Party.” According to a late-night Bitcoin” target=”_blank”>tweet session, Musk said the party would “embrace Bitcoin because fiat is hopeless,” but did not mention Dogecoin directly.
Solana and Ethereum also saw gains on Monday, climbing 3.1% and 1.9% respectively at the time of publication. Market interest in Solana increased after an exchange-traded fund (ETF) tied to Solana’s staking went live in the United States. Representatives from REX Shares and Osprey Funds told Decrypt the ETF attracted $12 million in inflows on its first day.
Bloomberg analyst Eric Balchunas noted in a tweet that the Solana ETF had a “healthy start to trading,” ranking in the top 1% of new launches by volume. Volume in $SSK now at $20 million, which is really strong… the $25 million in seed assets makes $SSK already bigger than $SOLZ,” Balchunas stated.
Currently, the Securities and Exchange Commission (SEC) has not approved ETFs that would allow investors to track the actual spot market price of Solana or other major altcoins like Ethereum. These decisions could affect future institutional investment into crypto assets.
At the same time, Bitcoin saw more modest gains, edging up just 0.5% over the past 24 hours. Historically, Musk has shown an ongoing interest in Dogecoin, previously suggesting government initiatives that referenced the coin. Monday’s activity suggests traders are watching for further statements or developments that may tie Musk’s projects or party to Dogecoin in the future.
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