Leading asset manager Grayscale has updated its list of the top 20 rising tokens. The new list contains six additions, of which two icons – Jupiter ($JUP) and Jito ($JTO) – run on Solana.
Jupiter is one of the largest decentralized exchange aggregators on Solana, with the highest Total Value Locked (TVL) of all applications on the network. Another popular project is Jito – a liquid staking protocol that generated over $550 million in fee revenue in 2024.
The remaining four new tokens are Virtuals Protocol ($VIRTUALS), Grass ($GRASS), Ethena ($ENA), and Hyperliquid ($HYPE).
How did grayscale choose the best icons?
In a report published on December 30, 2024, Grayscale explained that all tokens on its list are tied to one of three parameters:
- Trump’s victory in the US elections and its impact on decentralized finance (DeFi) and mortgages.
- New discoveries in decentralized artificial intelligence technologies.
- The growing dominance of the Solana ecosystem.
Grayscale expects most tokens displaying these parameters to perform well in 2025.
Two projects from the Solana ecosystem joining this list indicate a transformative shift in the cryptocurrency industry. So far, Bitcoin and Ethereum have dominated the cryptocurrency space, but the status quo may be about to change.
Furthermore, Solana ($SOL) outperformed both BTC and $ETH for the first time ever. The network saw an all-time low in 2022 after the FTX collapse. However, since then, the value of $SOL has increased by 2,000%.
According to Glassnode reportit has been 727 days since the SOL price low of 2022. During this time, $SOL price action has outperformed both BTC and $ETH by 344 days.
Could 2025 be the year of USD ETFs?
Grayscale’s interest in Solana could also be an indication that it may consider issuing ETFs worth SOL – just as it did with $BTC.
Experts expect significant demand for dollar SOL ETFs. The main reason for this is that the market cap of $SOL is $91 billion, which is much lower than the market cap of ETH of $403 billion. This means that even a small investment in $SOL can have a significant positive impact on its value.
A company like Grayscale certainly wouldn’t want to miss an opportunity like this. However, some obstacles must first be addressed. For example, the SOL ETF is still under review by the US Securities and Exchange Commission (SEC). We will likely see a preliminary decision by the end of January 2025.
Concluding remarks
All of this is positive news for investors $Solexa new Layer 2 scaling solution for Solana that addresses mainnet scalability issues. Some industry experts, e.g ClayBrocall $SOLX token 100x next.
However, remember to be careful and do your research before investing your hard-earned money in any asset, including the best meme coins.