Cryptocurrency reserves for SOL witnessing growth, yet the question remains: Can this pace surpass XRP's in the final quarter of the year?
Solana (SOL) has been making waves in the cryptocurrency market, attracting more interest from corporate treasuries than its rival, XRP. While XRP has only seen interest from SBI Holdings Japan and Worksport Ltd, Solana has garnered the attention of notable firms such as SOL Strategies, DeFi Development Corp (DFDV), Upexi (UPXI), and Sharps Technologies (STSS).
According to recent reports, corporate treasuries have accumulated a significant amount of SOL, totalling 4.3 million SOL, which is equivalent to approximately $905 million. This surge in demand for Solana could give it an edge, especially if it follows in the footsteps of Ethereum, which has seen an increase in value due to aggressive bidding from public firms.
Solana has been performing exceptionally well, outperforming both Bitcoin and Ethereum amid analysts' projections of a major rally in Q4. In July alone, trading volumes from SOL-focused firms hit an impressive $4 billion. This is a stark contrast to XRP, which only attracted "just" $460 million in trading volumes from SOL-focused firms during the same period.
However, it's important to note that XRP has outperformed Solana by over 400% since November. This success has been tempered by recent profit-taking by whales, causing XRP's price to drop.
In a significant move, Sharps Technologies, one of the firms showing interest in SOL, recently secured $400M capital and plans to expand this to $1 billion for SOL acquisition. This capital influx could further boost Solana's momentum in the market.
The Canadian investment company, SOL Strategies, has also made a significant impact. They have accumulated a large amount of SOL tokens, holding over 3.6 million SOL delegated to its validators, with financial reserves of around 402,623 SOL (about 111.7 million CAD). This makes SOL Strategies one of the biggest institutional holdings in recent months.
If the SEC greenlights Spot ETFs, both XRP and Solana could enjoy new demand avenues. The recent surge in CME Futures interest for XRP is a sign of institutional appetite, suggesting that both cryptocurrencies could see increased institutional investment in the future.
In conclusion, Solana has been making strides in the corporate treasury market, attracting more interest and investment than XRP. However, XRP's impressive performance since November and recent institutional interest in XRP futures indicate that the competition between these two cryptocurrencies is far from over.
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