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Grayscale Eyes Solana Ecosystem: JUP, PYTH, and HNT in Focus

Grayscale Eyes Solana Ecosystem: JUP, PYTH, and HNT in Focus

CoinEdition2024/11/03 16:00
By: Abdulkarim Abdulwahab
SOL+5.88%JUP+2.51%PYTH-2.30%
Grayscale lists Jupiter, Pyth Network, and Helium as “under consideration.” Jupiter leads in trading volume among Solana exchanges. Helium expands its services with the introduction of 5G coverage.
  • Grayscale lists Jupiter, Pyth Network, and Helium as “under consideration.”
  • Jupiter leads in trading volume among Solana exchanges.
  • Helium expands its services with the introduction of 5G coverage.

Grayscale, a prominent cryptocurrency investment firm, is exploring potential investments in three coins from the Solana ecosystem: Jupiter (JUP), Pyth Network (PYTH), and Helium (HNT).

In a recent video on the Altcoin Buzz YouTube channel, analyst Maddie emphasized the significant market impact of this announcement, particularly among Solana enthusiasts. Grayscale’s endorsement is often viewed as a signal of legitimacy and potential for investment.

Incidentally, this is not Grayscale’s first time investing in altcoins. In August, the firm launched the Grayscale Sui Trust , which helped boost the SUI token by 300% shortly after.

Jupiter (JUP)

First on the list is Jupiter (JUP), a decentralized exchange aggregator that helps users find the best token prices across multiple platforms. DappRadar data shows that Jupiter generated over $3.38 million in fees and has $1.57 billion in total value locked (TVL) this month.

The project has a strong staking rewards program, making it appealing to investors. Maddie said if Grayscale invests in JUP, it could attract big institutional interest, helping it grow in favorable market conditions.

Following Grayscale’s announcement, JUP’s value jumped by over 10% last week, but it is currently down 3%.

Matthew said that while listing JUP as an investment option is still under consideration, Grayscale backing Jupiter could bring in substantial institutional investments.

Pyth Network (PYTH)

Next is Pyth Network, a financial oracle that gives real-time market data from exchanges and financial institutions to over 70 blockchains. It is the second-largest oracle by market capitalization, and it specializes in financial data, setting itself apart from other oracles. The project works with major firms like Binance and Jane Street, which boosts its credibility.

PYTH’s price has dropped by 2.5% in the past day, following a 9.8% decline last week. This downturn has overshadowed the price increase following Grayscale’s consideration.

Helium (HNT)

The final project Grayscale is considering is Helium (HNT), known for its decentralized wireless infrastructure for the Internet of Things (IoT). It is the second-largest IoT project by market cap and has one of the largest decentralized wireless networks globally.

Helium recently expanded its services to include 5G coverage, which could broaden its market applications. If Grayscale invests in Helium, demand for HNT tokens could increase as the IoT sector grows.

Currently, HNT is trading at $5.96, reflecting a 0.6% drop in price over the last 24 hours and a 10.2% decrease over the past week.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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