Leading asset manager Grayscale has updated its list of the top 20 high-upside tokens. The new list has six additions, out of which two tokens – Jupiter ($JUP) and Jito ($JTO) – run on Solana.
Jupiter is one of the biggest aggregators of decentralized exchanges on Solana, with the highest Total Value Locked (TVL) of all applications on the network. Jito is another popular project – a liquid staking protocol that generated over $550M in fee revenue in 2024.
The remaining four new tokens are Virtuals Protocol ($VIRTUALS), Grass ($GRASS), Ethena ($ENA), and Hyperliquid ($HYPE).
How Did Grayscale Choose Top Tokens?
In a report published on December 30, 2024, Grayscale explained that all the tokens on its list were associated with one of three parameters:
- Trump’s victory in the US elections and its effect on decentralized finance (DeFi) and staking
- New discoveries in decentralized AI technologies
- The growing dominance of Solana’s ecosystem
Grayscale expects most tokens that exhibit these parameters to perform well in 2025.
Two projects from the Solana ecosystem joining this list suggest a transformative shift in the crypto industry. Until now, Bitcoin and Ethereum have dominated the crypto space, but the status quo might be about to change.
On top of that, Solana ($SOL) outperformed both $BTC and $ETH for the first time ever. The network experienced an all-time low in 2022 after the collapse of FTX. However, since then, $SOL value grew by 2,000%.
As per Glassnode’s report, 727 days passed since $SOL’s 2022 dip. During this time, $SOL price action beat both $BTC and $ETH on 344 days.
Could 2025 Be the Year of $SOL ETFs?
Grayscale’s interest in Solana can also be an indication that it might be contemplating issuing $SOL ETFs – just the way it did with $BTC.
Experts predict a huge demand for $SOL ETFs. The main reason for this is that $SOL’s market cap is $91B, which is far less than $ETH’s $403B market cap. This means that even a small investment in $SOL can have a huge positive impact on its value.
A company like Grayscale will certainly not want to miss an opportunity like this. However, it must first tackle a few obstacles. For instance, the $SOL ETF is still under review by the US Securities and Exchange Commission (SEC). We’re likely to see a preliminary decision by the end of January 2025.
Closing Remarks
All this is positive news for investors into $SOLX, a new Layer-2 scaling solution for Solana that addresses the main network’s scalability issues. Some industry experts, like ClayBro, call $SOLX the next 100x token.
However, remember to exercise caution and do your own research before investing your hard-earned money in any asset, including the best meme coins.
