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Similar to bitcoin's dominant position, Solana has also been a major player in the cryptocurrency sector. Its rising price and rising profile since March 2020 have been instrumental in the popularity and acceptance of DeFi.
Meanwhile, bitcoin's utility and acceptance have also increased outside of crypto circles, and institutions have created partnerships with the cryptocurrency market. These institutions hope to leverage the financial potential of the crypto market in other spheres and therefore coins like btc and SOL are often at the forefront of institutional collaborations and adoptions.
However, in a recent turn of events, market statistics have revealed that eth is now the largest single asset owned by institutions. However, this is not the same for retail investors who seem to prefer memecoins like Galaxy Fox over popular cryptocurrencies.
The bitcoin/Solana institutional fight
Solana, since its launch in March 2020, has created a niche for itself as a strong competitor to the popular ethereum network. The token relied on the decentralized nature of the crypto market to create DeFi.
Seeing its growing utility, investors have boosted SOL from $0.9511 in 2020 to over $110 in 2024. The token's growth over the years can be attributed to its role as a blockchain network for DeFi projects.
In January 2024, SOL was in the news for the announcement of the launch of Jupiter's JUP token.
The price of the token rose because investors were confident that the new product would be on par with other DeFi projects.
However, since February it appears that investor confidence in SOL has plateaued as the price has been oscillating. Market statistics have revealed that single-digit institutional ownership of the token may be related to the network's major price drops over the years.
Cryptocurrency investors have shown more confidence in btc. Despite market sentiment that bitcoin will experience major sell-offs after an all-time high of $70,000, more investors continue to flock to btc.
Market data has shown that institutional interest in bitcoin is beyond speculation as the cryptocurrency will be a tangible asset in 2024.
In addition to institutional interest in pursuing spot bitcoin exchange-traded funds (ETFs), institutions are actively entering the cryptocurrency space to participate in its innovative benefits.
Exploring ethereum
Market reports have hinted at a change in institutional sentiment towards eth.
Many analysts have linked this turn of events to the next Dencun upgrade scheduled for March 2024.
Some other analysts have suggested that the recent institutional hype around eth may be due to its shift to a proof-of-stake (PoS) consensus mechanism.
This has reduced the supply of eth, increased staking activity, and is expected to increase demand and the subsequent price of the cryptocurrency.
While Solana has done quite well in the DeFi ecosystem, layer 2 networks built on ethereum give the coin an advantage.
Some analysts have reported that institutional interest in eth is not a general market sentiment. According to these analysts, retail investors are more diverse in their holdings and prefer meme coins like GFOX.
Looking for alternatives: GFOX
Galaxy Fox has raised over $3.6 million in the ongoing pre-sale.
The project is a combination of meme culture and play-to-earn (P2E) features. Its performance can be attributed to its usefulness and community support on various social platforms.
Galaxy Fox has shown great potential to change P2E gaming as we know it, with token rewards for expert players.
The token is currently used on the Galaxy Fox platform as legal tender for transactions.
In addition to its utility, GFOX offers players the opportunity to acquire boosters and NFTs as passive income to stake the tokens.
Final thoughts
Market statistics have revealed that institutions that joined the cryptocurrency market due to its utility in the first place are now shifting their focus from bitcoin and Solana to ethereum.
This can be attributed to the upcoming ethereum Dencun upgrade, its recent deflationary supply, and its growing influence in the DeFi space.
While eth attracts institutions, retail investors gravitate toward memecoins like GFOX.
With Galaxy Fox's P2E features, strong community, and growing utility, the token is emerging as a contender in the crypto space. GFOX is available for 0.0028.
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