Grayscale is exploring potential investments in three coins from the Solana ecosystem. Maddie, an AltcoinBuzz analyst, says this announcement will have a significant market impact, especially among Solana enthusiasts. Because in the market, Grayscale’s approval is generally accepted as a signal of legitimacy and investment potential. By the way, this is not Grayscale’s first investment in altcoins. The firm launched Grayscale Sui Trust in August. This soon helped SUI increase by 300 percent. Maddie covers three Solana Coins.
Solana coin in first place: Jupiter (JUP)
First on the list is Jupiter (JUP), a decentralized exchange aggregator. Jupiter helps users find the best token prices across multiple platforms. DappRadar data shows that Jupiter generated over $3.38 million in fees this month. It also reveals that it has a total value locked (TVL) of $1.57 billion. The fact that the project has a strong staking reward program makes it attractive for investors.
Maddie says if Grayscale invests in JUP, it could attract major institutional interest and help it grow under favorable market conditions. Following Grayscale’s announcement, JUP’s value increased by over 10 percent. Solana coin is up 2.76% at the time of writing. However, the token lost around 14% on its weekly chart. While JUP’s listing as an investment option is still being evaluated, Grayscale’s backing of Jupiter could bring in significant institutional investment, the analyst says.
Pyth Network (PYTH) comes second on the list.
Next up is Pyth Network, a financial oracle that provides real-time market data from exchanges and financial institutions to over 70 Blockchains. Pyth Network is the second largest oracle by market cap. It also distinguishes itself from other oracles by specializing in financial data. The project works with large companies such as Binance and Jane Street, which increases its credibility. The price of Solana coin increased by 2.2% on a daily basis. However, the token experienced a loss of approximately 8% in the last week. This decline overshadowed the price increase that followed Grayscale’s assessment.
Solana coin in last place: Helium (HNT)
The last project Grayscale evaluated is Helium (HNT), known for its decentralized wireless infrastructure for the Internet of Things (IoT). The second largest IoT project by market value. Helium has one of the largest decentralized wireless networks globally. The project recently expanded its services to include 5G coverage. Therefore, it is possible that this will also expand its market applications. If Grayscale invests in Helium, demand for HNT tokens could increase as the IoT industry grows. Currently, HNT is trading at $6.11 with a 2.86% increase in price over the last 24 hours. However, the token has seen a decline of around 7% in the last week.
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