Leading asset manager Grayscale recently made waves by updating its list of the top 20 high-upside tokens. Among the new entries, two standouts, Jupiter ($JUP) and Jito ($JTO), proudly represent the Solana ecosystem.
Jupiter, recognized as a major player in the decentralized exchanges space on Solana, boasts the highest Total Value Locked (TVL) across all applications on the network. On the other hand, Jito is carving a niche for itself as a liquid staking protocol, raking in over $550M in fee revenue in 2024.
Alongside these Solana projects, the list also includes Virtuals Protocol ($VIRTUALS), Grass ($GRASS), Ethena ($ENA), and Hyperliquid ($HYPE).
So, how did Grayscale determine which tokens made the cut? In a report released on December 30, 2024, Grayscale highlighted three key factors that guided their selection:
- The impact of Donald Trump’s victory in the US elections on decentralized finance (DeFi) and staking.
- Innovations within the ### decentralized AI technologies.
- The increasing prominence of the Solana ecosystem.
With such promising parameters, Grayscale anticipates that these tokens will shine in 2025.
The inclusion of two Solana projects signals potential changes in the crypto industry. Traditionally ruled by Bitcoin and Ethereum, are we on the verge of a new paradigm shift? For the first time, Solana ($SOL) has edged past both $BTC and $ETH in performance. After hitting rock bottom in 2022 due to the FTX collapse, $SOL rallied impressively, surging by an astounding 2,000% since its all-time low.
According to a report from Glassnode, it has been 727 days since $SOL faced its significant decline, and during that span, it outperformed both Bitcoin and Ethereum on a remarkable 344 days.
Could 2025 herald a new era for $SOL ETFs? Grayscale’s growing interest in Solana fuels speculation about the potential issuance of $SOL ETFs, mirroring past moves with Bitcoin. Experts are eyeing a massive demand for these funds, especially given that Solana’s market cap stands at $91B, significantly lower than Ethereum’s $403B cap. This disparity indicates that even modest investments in $SOL could substantially elevate its value.
Yet, Grayscale must first navigate certain challenges. The proposed $SOL ETF remains under review by the US Securities and Exchange Commission (SEC), with an initial decision expected by the end of January 2025.
In light of these developments, there’s optimistic news for investors eyeing $SOLX, a new Layer-2 scaling solution aimed at resolving the scalability challenges facing Solana. Some insiders, like ClayBro, are already touting $SOLX as the next potential 100x token.
As always, approach investments with prudence. Prior to committing your hard-earned funds to any asset—including the trendiest meme coins—conduct your research and ensure you’re making informed decisions.
