On January 3, 2025, Grayscale, a leading asset manager, updated its list of the top 20 high-upside tokens, adding six new entries, including Solana-based projects Jupiter ($JUP) and Jito ($JTO). Jupiter, a decentralized exchange aggregator, boasts the highest Total Value Locked (TVL) on Solana, while Jito, a liquid staking protocol, generated over $550 million in fee revenue in 2024.
Grayscale's report, published on December 30, 2024, highlighted that these tokens are expected to perform well in 2025, indicating a potential shift in the crypto landscape traditionally dominated by Bitcoin and Ethereum.
Notably, Solana ($SOL) has outperformed both Bitcoin ($BTC) and Ethereum ($ETH) for the first time, with its value increasing by 2,000% since hitting an all-time low in 2022. According to Glassnode, in the 727 days since that dip, $SOL's price action surpassed both $BTC and $ETH on 344 days.
Grayscale's growing interest in Solana may suggest plans to issue $SOL ETFs, akin to its previous Bitcoin ETF offerings. With a market cap of $91 billion compared to Ethereum's $403 billion, even minimal investments in $SOL could significantly impact its value. A preliminary decision from the US Securities and Exchange Commission (SEC) regarding the $SOL ETF is anticipated by the end of January 2025.
This development bodes well for $SOLX, a new Layer-2 scaling solution for Solana, which some experts predict could be the next 100x token, although investors are advised to conduct thorough research before investing.