This Week in Coins: Bitcoin Price Drops, Solana Soars on ETFs, and BODEN Crashes Amid Debate

Illustration by Mitchell Preffer for Decrypt.

The crypto market’s bearish decline in June began to show signs of recovery this week, as bullish news rekindled investor interest in a variety of altcoins.

The main one of these parts is Solana (SOL) – one of the largest cryptocurrencies after Bitcoin (BTC) and Ethereum (ETH).

The latter assets are down another 5% and 3% respectively over the past week as another old-fashioned Bitcoin whale has decided to take profits as the market is rising. In contrast, SOL jumped an impressive 6% this week to over $142 on the back of VanEck’s launch of the first application for a US-based Solana ETF.

VanEck’s logic was simple: If regulators consider Ethereum a commodity worthy of an ETF, then Solana ticks all the boxes as well. It’s a popular bullish thesis for altcoin investors eager to get a taste of the Wall Street inflows that Bitcoin ETFs enjoyed earlier this year. And 21Shares followed up with its own Solana ETF file Friday, continuing the buzz.

Riding on the same enthusiasm, alternative smart contract platforms, including Gimbal (ADA), avalanche (AVAX) and Peas (DOT) also increased by about 5.5%, 11% and 7% respectively.

Meanwhile, the link to Telegram Toncoin (TON) has recovered some of its gains from earlier this month after a sharp correction last week, rising more than 5% over the past seven days. It has now successfully eclipsed Dogecoin as the 9th largest crypto by market cap.

Kaspa (KAS), one of the top 25 cryptocurrencies by market cap, also posted market-defying gains this week, rising 23% this week after Marathon Digital announced it was mining the cryptocurrency. The miner has now produced $15 million worth of KAS since September 2023, with its dedicated ASICs in some cases generating 95% gross profit on its efforts.

Blast (BLAST) has been the focus of traders this week, as the Ethereum layer 2 network-related token finally launched alongside a major airdrop that put $354 million in wallets of users, although there was some initial disappointment among Twitter chatter regarding Crypto, due to expectations of larger gains for early supporters.

However, the airdrop has indeed made many users rich, and BLAST started to bounce back after massive sell-offs. It is currently down 29% from this week’s peak, at a price of almost $0.021giving it a market capitalization of around $360 million.

However, political coins may have been the most volatile this week. Following what was widely seen as a disappointing debate by President Joe Biden, the Solana-based party “Jeo Boden” (BODEN) token fell 52% in a single day, alongside Biden’s re-election chancesat least according to crypto bettors.

Donald Trump, who many crypto proponents considered the winner of the debate despite his persistent lies, also saw his “Doland Tremp” (TREMP) token plunge late Thursday and Friday, although it was still up 13%. over the week.

Edited by Andrew Hayward

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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