Institutional investors flock to SOL and memecoin GFOX, hinting at possible rallies

Solana has been in the news for its impressive price performance in recent weeks. According to analysts, SOL has seen a steady rise because institutional investors have purchased massive volumes.

Several reports have suggested that SOL is currently undervalued despite its great potential. Analysts have expressed similar sentiments about GFOX. The new memecoin is steadily rising towards new highs, with large inflows of capital purchasing its ICO, which is now in the final stages.

How institutions bought Solana

SOL is up almost 50% in the last 30 days. This increase can be linked to the growing interest of institutional investors in purchasing the token on all possible platforms, as well as in making large OTC acquisitions.

These purchases result in a slow, steady increase in price rather than spot retail purchases that drive prices up immediately. Since the SEC's verdict in favor of bitcoin ETFs in January 2024, more institutional investors have flooded into the cryptocurrency market in an attempt to make early investments.

Institutional investors' interest in SOL is further evidenced by the fact that a multi-billion-dollar crypto asset management company, Pantera Capital, announced on March 6, 2024 that it was raising funds to purchase SOL worth 250 millions of dollars.

Analysts have suggested that these tokens will sell for $59.95 per token, which represents more than 50% of their actual price and a huge profit opportunity for Pantera Capital.

Some analysts have suggested that SOL is still undervalued and may not see adequate price growth until btc and eth hold steady at new all-time highs.

Although SOL is currently below its November 2021 all-time high of $260, these analysts have predicted that it could surpass $500 in this current bull cycle.

Over the years, SOL has proven itself useful in the DeFi space. Although it is still a far cry from the achievements of the ethereum blockchain, the token has performed well as an alternative to the popular network. At the time of writing, SOL is trading at $145.16, down about 1% from its price in the last 24 hours.

SOL is not the only token that investors have noticed in recent weeks; Trending memecoin GFOX has been on the crypto radar for a few weeks.

Galaxy Fox, the trendy memecoin

Galaxy Fox ($GFOX) is a new meme coin project that has gained significant attention in the crypto community, and for good reason. The token was created on a unique platform with positive price potential for early investors.

It is clear from their whitepaper that the project was designed to challenge the popular notion that memecoins are useless.

The token has introduced its own unique blockchain gaming network. Therefore, this Galaxy Fox project is a hybrid protocol to reward early investors. Early token holders can access the Web 3 Runner game and earn GFOX tokens, other in-game benefits, and NFTs.

Galaxy Fox tokenomics is designed to be deflationary, even though the network only designed 5 billion GFOX tokens. Therefore, the network will perform periodic token burns to further improve its scarcity and increase its demand and subsequently its price.

The Galaxy Fox project also has an organized distribution system, with around 70% of the total supply allocated to its 10-stage pre-sale. So far, the token has raised over $4.3 million and is currently heading towards $5 million.

The token's web3 gaming features have made the Galaxy Fox network popular. Players not only enjoy the runner game, but the top 20% of players will also earn $GFOX tokens as a reward for their gaming skills.

The Galaxy Fox network is also community-oriented. The network has dedicated 2% of all its transaction fees to community growth and sustainability. It is no surprise that the token community is vibrant on social media platforms.

Join the GFox Pre-Sale

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