Leading asset manager Grayscale has updated its list of 20 tokens with the greatest upside potential. In this update, there are six new additions, of which two tokens, Jupiter ($JUP) and Jito ($JTO), are based on the Solana network.
Jupiter is one of the largest decentralized exchange (DEX) aggregators on Solana, with the highest total value locked (TVL) compared to other applications on the network. Meanwhile, Jito is a popular liquid staking protocol, with fee revenue of over $550 million in 2024.
The other four new tokens on the list are Virtuals Protocol ($VIRTUALS), Grass ($GRASS), Ethena ($ENA), and Hyperliquid ($HYPE).
How does Grayscale choose the best token?
In a report published on December 30, 2024, Grayscale explained that all tokens on the list meet one of the following three parameters:
- Donald Trump's victory in the US elections and its impact on decentralized finance (DeFi) and betting.
- New discoveries in decentralized ai technology.
- The growing dominance of the Solana ecosystem.
Grayscale predicts that most tokens that meet these parameters will show positive performance by 2025.
The inclusion of two projects from the Solana ecosystem in this list indicates a major change in the crypto industry. Until now, bitcoin and ethereum have dominated the cryptocurrency market, but that may be changing.
Additionally, Solana ($SOL) surpassed $btc and $eth for the first time. The network hit an all-time low in 2022 following the collapse of FTX. However, since then, the value of $SOL has increased by 2,000%.
According Glassnode ReportsA total of 727 days have passed since the fall of $SOL in 2022. During this period, the price movement of $SOL surpassed $btc and $eth in 344 days.
Will 2025 be the year of the $SOL ETFs?
Grayscale's interest in Solana could also be an indication that the company is considering launching $SOL ETFs, as it has done with $btc.
Experts predict high demand for $SOL ETFs. The reason is that $SOL's market cap of $91 billion is still much smaller than $eth's $403 billion.
This means that even a small investment in $SOL can have a significant positive impact on its value.
As a large company, Grayscale certainly doesn't want to miss an opportunity like this. However, there are several obstacles that must first be overcome.
One of them is the $SOL ETF which is still under review by the US Securities and Exchange Commission (SEC). Preliminary results are likely to be announced in late January 2025.
Final notes
All these developments are good news for investors $SOLXa new Layer-2 solution for Solana designed to address scalability issues on the core network.
Some industry experts, like ClayBro, even consider $SOLX a token with the potential to rise up to 100x.
However, it is important to always be careful and do your own research before investing your money in any asset, including even the best meme coins. You can visit Solaxy's official pre-sale website here.
