Fartcoin price

Written by: Yueqi Yang Compiled by: Block unicorn In the world of cryptocurrency, Solana is the wild "little brother" eager to be valued. Known for meme coins and partnerships with crypto exchange FTX, this blockchain is on its way to mainstream finance. The U.S. Securities and Exchange Commission (SEC), which has become more crypto-friendly under President Donald Trump, is expected to approve exchange-traded funds (ETFs) holding Solana tokens in mid-October, according to Bloomberg ETF analyst James Seyffart, who tracks applications from asset managers. This will make it the third crypto token to be wrapped as a stock trade, after Bitcoin and Ethereum. Crypto ETFs are booming, as are crypto stocks like Strategy (formerly Microstrategy). Currently, the total value of crypto-related securities traded on the stock market exceeds $400 billion. More and more publicly traded companies are raising funds to buy and hold Solana tokens. This is part of a stock boom in companies that hold cryptocurrencies for the main purpose. Two of Solana's main proponents — Multicoin Capital and SkyBridge Capital — are considering investing in some upcoming Solana-related stocks, Multicoin's partner Kyle Samani and SkyBridge founder Anthony Scaramucci said in separate interviews. This could push up the token price. Solana has largely moved away from its close association with FTX founder Sam Bankman-Fried, who is a major shareholder and supporter of Solana. Users and developers used to stay away from Solana after the FTX scandal erupted, but things have changed in the past two years. Solana's token, ticker SOL, has surged 820% since August 2023, becoming the sixth-largest crypto token with a circulating market capitalization of $99 billion, although it has retreated from its January high. The growth is partly due to the popularity of the Solana blockchain, which was launched in 2020 by Solana Labs founders Anatoly Yakovenko and Raj Gokal. It is seen as a faster and cheaper alternative to the established Ethereum blockchain. These features make Solana a preferred trading platform for meme coins like $Trump and Fartcoin, which are extremely popular but highly volatile. Solana is trying to shake off the frivolous reputation of meme coins that exist solely for speculation. Anna Yuan, former head of stablecoins at the Solana Foundation and co-founder of stablecoin startup Perena, said: "The pros and cons of Solana are that it is very consumer-oriented. The team there is passionate about building consumer products." The meme coin craze has subsided, with Solana's token price down nearly 40% from its January high. Proponents of the blockchain want to restart its growth by creating an internet-based capital market. The goal is to trade individual stocks, bonds, and stablecoins as tokens on the Solana blockchain. Solana's transition from meme coins is particularly important for its foray into stablecoins, which should maintain a fixed value, as opposed to meme coins. Armani Ferrante, founder and CEO of crypto exchange Backpack and early Solana developer, said: "Stablecoins are currently on the cusp and have a more serious target audience than the meme coin community...... I think it's a separate market segment." At least two companies — Circle, which issues the second-largest stablecoin, and Stripe, a payments company—are developing stablecoin blockchains. These upcoming projects could compete with Solana and current leader Ethereum for stablecoin adoption. Solana is also rallying support in Washington to promote its efforts to create an internet capital market. It quickly forged significant partnerships with financial giants such as Visa, BlackRock, Fiserv, and R3, a traditional company that develops blockchain for banks. Just as the introduction of crypto assets to the stock market opens the door to trading for a new group of investors, converting stocks into crypto tokens also makes it easier for crypto traders to bet on stocks. This is already happening, with crypto tokens representing stock exposure such as Tesla, Nvidia, and Circle becoming increasingly popular among overseas crypto investors who do not have easy access to the US stock market. According to data tracked by crypto analytics platform RWA.xyz, the total value of tokenized stocks has reached $357 million. In June, Backed Finance, one of the fastest-growing tokenized stock providers, launched xStocks for non-US users on exchanges like Kraken. RWA.xyz data shows that Solana has quickly become the blockchain of choice for trading these stocks. Kraken, which has invested in Backed Finance, plans to offer tokenized shares to users in more markets, including Europe, in the coming weeks, according to Mark Greenberg, head of Kraken's consumer business. This could lead to more trading volume for Solana. Solana is also enlisting support from banks. This year, the Solana Foundation made an undisclosed investment in R3, a blockchain company backed by Bank of America and other banks, which is reportedly exploring various options, including a sale, in 2024. Solana Foundation Chair Lily Liu has joined the R3 Board of Directors. Meanwhile, Solana is expanding its reach in Washington. The Solana Policy Institute was launched this year and hired Kristin Smith, a veteran crypto lobbyist and former CEO of the Blockchain Association. She is meeting with lawmakers and urging the SEC to provide guidance that will make it easier for companies to move stocks, bonds, and other assets to the blockchain. Solana also donated to the Senate Leadership Fund, the Congressional Leadership Fund, the Senate Majority Political Action Committee, the House Majority Political Action Committee, the Sentinel Operation Fund, and the pro-crypto Fairshake group in preparation for the 2026 midterm elections. Smith said Solana's meme coin fame was not mentioned in her Washington conversations. "Our conversations with many members of Congress start at the very basics...... They don't understand that Solana is not just a company, but a community, an ecosystem."