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Similar to Bitcoin’s dominant position, Solana has likewise been a major player in crypto. Its surging price and rising profile since March 2020 has been instrumental in the popularity and acceptance of DeFi.
Meanwhile, Bitcoin’s utility and acceptance have also increased outside crypto circles, with institutions creating partnerships with the cryptocurrency market. These institutions hope to tap into the financial potentials of the crypto market in other spheres, and thus coins like BTC and SOL are often at the forefront of institutional collaborations and adoptions.
In a recent turn of events, however, market statistics have revealed that ETH is now the largest single asset owned by institutions. This is, however, not the same for retail investors who seem to favor memecoins like Galaxy Fox over popular cryptocurrencies.
The Bitcoin/Solana institutional tussle
Solana has, since its launch in March 2020, created a niche for itself as a firm competitor of the popular Ethereum network. The token was built on the decentralized nature of the crypto market to create DeFi.
Seeing its increasing utility, investors have pushed 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 token’s price surged because investors were confident that the new product was going to be on par with other DeFi projects.
Since February, however, it appears that investor confidence in SOL has stalled, as the price has been going sideways. Market statistics have revealed that the token’s single-digit institutional ownership may be linked to the network’s major price dips over the years.
Crypto investors have shown more confidence in BTC. Despite market sentiments 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 is a tangible asset in 2024.
Apart from institutional interest in the pursuit of spot Bitcoin exchange-traded funds (ETFs), institutions are actively entering the cryptocurrency space to partake of its innovative benefits.
Exploring Ethereum
Market reports have hinted at a shift in institutional sentiment towards ETH.
Many analysts have linked this turn of events to the upcoming Dencun upgrade scheduled to take place in March, 2024.
Some other analysts have suggested that the recent institutional hype around ETH may be due to its switch to a proof-of-stake (PoS) consensus mechanism.
This has reduced ETH’s supply, increased staking activity, and is predicted to increase demand and subsequent price of the cryptocurrency.
While Solana has done pretty well in the DeFi ecosystem, the layer-2 networks built on Ethereum give the coin an edge.
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 have a preference for meme coins like GFOX.
Looking at alternatives: GFOX
Galaxy Fox has raised over $3.6 million in the ongoing presale.
The project is a blend of meme culture and play-to-earn (P2E) features. Its performance can be attributed to its utility and community support across various social platforms.
Galaxy Fox has shown great potential to change P2E gaming as we know it, with token rewards for skilled players.
The token is currently used across the Galaxy Fox platform as a legal tender for transactions.
Aside from its utility, GFOX affords gamers the opportunity to acquire boosters and NFTs as passive income for staking the tokens.
Final thoughts
Market statistics have revealed that institutions that joined the crypto market because of 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 is attracting institutions, retail investors are leaning 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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