Grayscale is exploring potential investments in three coins from the Solana ecosystem. Maddie, an AltcoinBuzz analyst, says this announcement will have a significant market impact, especially among Solana enthusiasts. Because, in the market, Grayscale’s approval is generally accepted as a signal of legitimacy and investment potential. Meanwhile, this is not Grayscale’s first investment in altcoins. The firm launched Grayscale Sui Trust in August. This helped SUI increase by 300 per cent shortly after. Maddie handles three Solana coins.
Solana coin in first place: Jupiter (JUP)
First on the list is Jupiter (JUP), a decentralised exchange aggregator. Jupiter helps users find the best token prices across multiple platforms. DappRadar data shows that Jupiter generated over $3.38 million in fees this month. It also reveals that it has a total value locked (TVL) of $1.57 billion. The fact that the project has a strong staking reward programme makes it attractive to investors.
Maddie says that if Grayscale invests in JUP, it could attract major institutional interest and help it grow in favourable market conditions. Following Grayscale’s announcement, JUP’s value increased by over 10 per cent. Solana coin increased by 2.76 per cent at the time of writing. However, the token lost about 14 per cent on its weekly chart. The analyst says that while JUP’s listing as an investment option is still under consideration, Grayscale’s support for Jupiter could bring significant institutional investments.
Pyth Network (PYTH) comes second on the list
Next up is Pyth Network, a financial oracle that provides real-time market data from exchanges and financial institutions to over 70 Blockchains. Pyth Network is the second largest oracle by market capitalisation. It also distinguishes itself from other oracles by specialising in financial data. The project works with major firms such as Binance and Jane Street, which increases its credibility. The price of the Solana coin rose by 2.2 per cent on a daily basis. However, the token has lost about 8% in the last week. This decline overshadowed the price increase that followed Grayscale’s assessment.
Solana coin in last place: Helium (HNT)
The latest project evaluated by Grayscale is Helium (HNT), known for its decentralised wireless infrastructure for the Internet of Things (IoT). It is the second largest IoT project by market capitalisation. Helium has one of the largest decentralised wireless networks globally. The project recently expanded its services to include 5G coverage. Therefore, it is possible that this will also expand its market applications. If Grayscale invests in Helium, demand for HNT tokens could increase as the IoT sector grows. Currently, HNT is trading at $6.11, a 2.86% increase in price in the last 24 hours. However, the token has seen a decline of about 7% in the last week.
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