Grayscale launches Solana Trust: SOL overtakes BNB in 24h trading volume

TL;DR Breakdown: 

  • Grayscale launched its new Solana trust.
  • It will help investors to gain wider exposure to SOL as security.
  • SOL surpasses BNB in 24h trading volume.

Grayscale, the world’s largest crypto investment firm added Solana to its latest crypto investment list. Earlier this week, Grayscale launched the Solana trust which is managing $10.8 million worth of SOL assets. According to the company, this new investment trust will allow investors to gain wider exposure to SOL as a security. This will also eliminate the challenges of buying, holding, and safekeeping SOL directly. 

After the launch, SOL trading volume significantly pumped. This is due to more investors gaining exposure to the altcoin and large volumes of SOL transactions. SOL overtook its close competitor Binance Coin (BNB) today in a 24-hour trading volume. Solana’s trading volume crossed $3.7 billion in the last 24-hour, while Binance Coin remained just over $2 billion. SOL was the 5th most traded crypto today in terms of volume, sitting just behind Bitcoin, Ethereum, and stablecoins Tether and BUSD. 

With the inclusion of Solana, Grayscale is now managing around $54 billion in digital assets under its belt. The newly launched trust made SOL the 16th crypto investment of the company. According to its CEO Michael Sonnenshein, Grayscale will continue to focus on diversifying its investor’s exposure to digital assets beyond Ethereum and Bitcoin. 

What’s next for Solana?

Although the Grayscale investment trust pumped Solana’s trading volume, SOL prices still continue to show a bearish trend much like most of the crypto market. SOL is down over 9% in the last 24 hours and almost 4% in a month. 

However, there is a lot of upcoming exciting projects surrounding the Solana blockchain which might end the bear market for SOL. Earlier this week, a new Solana-based metaverse startup raised over $4.3 million in investment. The project will see the development of a cross-platform VR game like Decentraland, where SOL will be the native currency. 

There’s also a lot of upcoming NFT and blockchain gaming projects which will increase SOL transactions across the wider markets. So, SOL might still get back up to its November ATH by the end of this year. It’s currently trading at $210.94, during the time of writing. 

This post was last modified on December 3, 2021 9:26 pm

Mohammad Shahid

An IT and Cybersecurity graduate with specialized knowledge of cryptocurrency and blockchain, Mohammad joins the Repo elite team. He has worked on several blockchain development projects and is an enthusiastic crypto trader.

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