Recent Developments in the Altcoin Market: SOL, XRP, 1INCH, and ADA
The cryptocurrency markets have continued to experience volatility in recent days. Altcoins such as Solana, XRP, 1inch, and Cardano are drawing attention due to various investment decisions and regulatory developments. Solana's ETF application faces obstacles amid SEC updates, while expectations for an ETF application for XRP are shaping up under new management. Solana stands out for its efforts to enhance network resilience, while 1inch Network and Cardano are also capturing attention with investor movements.
Solana's ETF approval faced a significant setback following a key update from the U.S. Securities and Exchange Commission (SEC). FOX Business reporter Eleanor Terrett reported that the Solana ETF application process would not continue under the current administration. Terrett conveyed that at least two of the five Solana ETF applicants were informed that no progress would be made in the process.
There is said to be a new consensus indicating that the SEC will not approve any new crypto ETFs. Currently, the administration led by Gary Gensler has approved the first crypto spot ETF in history, having allowed a Bitcoin spot ETF in January and an Ethereum spot ETF in July. However, these developments may also affect other crypto ETF applications.
Are XRP ETF applications at risk too? The recent developments are believed to potentially impact other crypto ETF applications, such as XRP. While there is no specific date for Paul Atkins to assume the presidency, it is thought that the new administration will make decisions regarding such applications shortly after Donald Trump's inauguration on January 20. Notably, the deadline for the XRP spot ETF is stated to be June 2025, and it is expected to be evaluated under the new administration.
On the other hand, some analysts predict that XRP and Solana ETFs could start trading towards the end of 2025. These predictions are based on expectations that the new administration will implement more crypto-friendly regulations, thus enabling the trading of XRP and SOL ETFs.
The co-founder of Solana addressed the impact of meme coins. Anatoly Yakovenko, co-founder of Solana, stated that meme coins have made the network more resilient. He also explained that past disruptions have presented opportunities for innovation and growth for the network. The structure of Solana allows for simpler and faster transactions, providing a user-friendly environment.
Yakovenko emphasized the importance of the single-state execution environment in terms of scalability and usability regarding Solana's architectural design. By offering fast transaction capacity at low fees, Solana provides flexibility to respond to new trends such as meme coins.
1inch Network made headlines with a large-scale token sale. In the past 24 hours, 1inch Network sold 10.48 million 1INCH tokens, resulting in a total of 5.564 million USDC. This transaction is particularly associated with large-scale sales conducted by the team or investment funds. The sale, which occurred at an average price of $0.53 per token, was interpreted as a notable movement within the crypto community.
While the exact reason behind the sales has not been disclosed, such large-scale transactions are generally associated with covering operational costs, financing marketing and development activities, or strategic portfolio rebalancing according to market conditions. 1inch Network continues to be a significant player in the decentralized finance (DeFi) ecosystem, and it is believed that these sales will be used to support the network's long-term growth and user engagement.
Cardano has attracted attention due to whale movements. Cardano (ADA) stands out as a cryptocurrency that has particularly caught the interest of large investors. ADA experienced significant market activity as whales purchased over 100 million tokens in the past 24 hours. These bulk purchases are thought to potentially increase ADA's volatility in the coming days and provide crucial insights into how the market may shape up.
With a price increase of 13% in the past week, ADA is grabbing attention with investors' positive expectations. During the price consolidation process, investors hope to see an increase in the value of ADA tokens, while technical indicators may signal a potential price decline in the short term. The price of ADA has continued to fluctuate between $1.1 and $1.2 in recent days. Ongoing whale interest and successful integrations of scaling solutions such as Hydra could significantly impact Cardano's market performance.