Grayscale launches Solana (SOL) trust after 11,000% rally in past year
The Grayscale Bitcoin Trust has announced that it is launching a new cryptocurrency, Solana (SOL), with the total supply of 10 billion coins. The company says the purpose of this launch will be to create an “unconfiscatable digital asset which cannot be devalued by malicious governments.”
The “grayscale bitcoin trust price” is a product that was launched by Grayscale Investments in June 2017. The product has seen an 11,000% rally since the launch.
Grayscale Investments, the world’s biggest digital currency asset management, just announced the introduction of its sixteenth investment product, which will follow the performance of Solana.
The Proof of History (PoH) blockchain, developed by Solana Labs, has garnered interest as one of the “Ethereum killer” networks by leveraging rapid transactions at cheap cost and low energy usage.
Solana Trust Grayscale
The new trust, which is solely and passively invested in Solana, joins the company’s extensive roster of single-asset investment solutions, which include Bitcoin, Ethereum, Chainlink, Decentraland, and Filecoin, to mention a few.
We’re increasing our products to keep up with the growth of the digital asset class! Through the new Grayscale #Solana Trust, you may get exposure to $SOL, the @Solana network’s native token. For further information, go to: https://t.co/QiT6u0xI7h pic.twitter.com/KAxRZAriRl
30 November 2021 — Grayscale (@Grayscale)
“We’ve had a front-row seat to the public acceptance and adoption of cryptocurrency, and we’re increasingly seeing investors expand their holdings beyond Bitcoin and Ethereum.” “As we continue to give investors alternatives to enter the digital economy, our Grayscale product family will continue to grow with this fascinating asset class,” stated Grayscale CEO Michael Sonnenshein.
The product is already accessible for daily subscriptions by qualifying individuals and institutional accredited investors, according to the statement.
‘Escape velocity’ is reached.
With over 350 projects developed on Solana, the network’s ecosystem continues to grow, including anything from DeFi and Web3 apps to games and NFTs.
Market observers viewed Solana’s 11,000 percent gain in the last year as his reaching ‘escape velocity.’
One thing I noticed at the sol conference is that a few programmers said how others warned them not to go to Solana early on because it was “a scam chain.” Do you believe it will slow down now that development has reached escape velocity and pricing has validated them? Do you believe there is no such thing as “culture”?
November 11, 2021 — ceteris (@ceterispar1bus)
Solana became seen as a safer investment by huge participants, including hedge funds and big enterprises, at the moment of exponential expansion, with a current market valuation of $65 billion.
Comments concerning venture capitalists influencing market pricing began to spread on Twitter earlier this month.
Oh, it’s just a bunch of rich capital allocators making jokes about #Solana pump dumping. Nah. pic.twitter.com/w0KCdOKnzw
November 3, 2021 — Mr. Goose (@GooseOfCrypto)
Meanwhile, allegations that the project misled about the token supply stoked the flames even further.
It was determined during an audit that Solana misled about their supplies.
It’s now 20 million people instead of 8 million. They lied about having 12 million coins in a “market maker” wallet.
They’re also affiliated with Tether, which is why I keep a safe distance.
November 6, 2021 — Mr. Whale (@CryptoWhale)
However, according to CoinGecko, with institutional investor interest on the upswing, the price of Solana has increased by 9,7% in the last 30 days.
Solana investment products had $42.2 million in inflows in the last month, according to the latest statistics from digital asset management CoinShares.
“Polkadot and Solana continue to be the winners in terms of inflows relative to assets under management (AuM), with inflows comprising 8,6% (US$11,5m) and 5,9% (US$14,6m) of AuM respectively last week,” according to the study.
Without a question, 2021 was an outstanding year for Solana.
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