The ongoing anticipation for a Solana ETF has continued as stablecoin issuer Circle has recently minted $250 million worth of USDC on the network. Indeed, the stablecoin was minted days ago on the blockchain and injects fresh liquidity that should boost confidence in the investment product.
Although the market is awaiting the official launch of an Ethereum ETF, SOL has gotten plenty of attention. Moreover, firms like VanEck and 21Shares have already submitted necessary filings with the US Securities and Exchange Commission (SEC). The hype around the SOL offering should only increase.
Also Read: Solana SOL Makes Gains Over The Weekend, Is $170 Coming?
SOL ETF Hype Continues With Massive Stablecoin Influx on the Blockchain
Earlier this year, Circle announced its commitment to boosting liquidity on Solana., The network’s Head of strategy, Austin Federa, announced the cross-chain transfer protocol (CCTP) that debuted on the network. Now, the collaboration is already paying dividends.
Solana ETF hype has fast-tracked as Circle has minted $250 million in USDC on the network. That increase notes a surge in user demand and other potential of the blockchain. With Bitcoin and Ethereum getting crypto-based ETFs this year, many believe Solana is next.
Earlier this year, GSR Markets released a report highlighting why that was a possibility. The firm stated that SOL “cemented itself as part of crypto’s Big Three.” Additionally, their analysis confirms that the token is most likely to receive the next ETF in the US based on both decentralization and demand metrics.
Also Read: Bitwise Says SEC is Open to Solana ETF After Ethereum Launch
That should have a massive impact on SOL’s price. The token is currently trading at $155, and up more than 7% in the last 24 hours, according to CoinMarketCap. Those gains extend to teh last 7 days, where it has surged more than 13%.
The ETF speculation should continue to drive the price even higher. Crypto analyst Ali Martinez recently forecasted SOL to mirror a 2021 pattern. Subsequently, he noted that Solana could reach prices as high as $950 at the end of the market’s next bull cycle.