Institutional investors flock to SOL and memecoin GFOX, hinting at potential rallies
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Solana has been in the news for its impressive price performance these past few weeks. According to analysts, SOL has been on a steady rise because institutional investors have purchased massive volumes of it.
Multiple reports have suggested that SOL is currently undervalued despite its strong potential. Analysts have expressed the similar sentiments about GFOX. The new memecoin is steadily rallying its way to new highs, with vast inflows of capital buying up its ICO, which is now in the final stages.
How institutions bought Solana
SOL has gone up by almost 50% in the last 30 days. This surge can be linked to the growing interest of institutional investors purchasing the token on every possible platform, as well as making large acquisitions OTC.
These purchases result in a slow, steady increase in the price rather than retail spot buys that push prices up immediately. Since the SEC’s verdict in favor of Bitcoin ETFs in January 2024, more institutional investors have swarmed the crypto market in an attempt to make early investments.
The interest of institutional investors in SOL is further evidenced by the fact that a crypto asset management company worth billions, Pantera Capital, announced on March 6, 2024, that it was raising funds to buy $250 million worth of SOL.
Analysts have suggested that these tokens will be sold at $59.95 per token, which is over 50% of their actual price and a huge profit opportunity for Pantera Capital.
Some analysts have suggested that SOL is still undervalued and may not experience appropriate price growth until BTC and ETH are stable at new all-time highs.
Although SOL is currently below its $260 all-time high from November 2021, these analysts have predicted that it could rise above $500 in this current bull cycle.
Over the years, SOL has proven its utility in the DeFi space. Although it is still a far cry from the achievements of the Ethereum blockchain, the token has had a fair run as an alternative to the popular network. As of the time of writing, SOL is trading at $145.16, approximately 1% less than its price in the last 24 hours.
SOL isn’t the only token that investors have noticed in the past few weeks; trending memecoin GFOX has been on the crypto radar for a few weeks now.
Galaxy Fox, the trending memecoin
Galaxy Fox ($GFOX) is a new meme coin project that has gained significant attention in the crypto community, and for good reason. The token was built on a unique platform with positive price potential for early investors.
From its whitepaper, it is quite evident that the project was designed to challenge the popular notion that memecoins lack utility.
The token has introduced its own unique blockchain gaming network. Hence, this Galaxy Fox project is a hybrid protocol to reward early investors. Early token holders can access the Web 3 Runner game, earning GFOX tokens, other in-game benefits, and NFTs.
The tokenomics of Galaxy Fox are designed to be deflationary, even though the network only designed 5 billion GFOX tokens. Hence, the network will have periodic token burns to further enhance its token’s scarcity and increase its demand and, subsequently, its price.
The Galaxy Fox project also has an organized distribution system, with about 70% of the total supply allocated to its 10-stage presale. Thus far, the token has raised over $4.3 million, and it is currently heading to $5 million.
The token’s web3 gaming features have made the Galaxy Fox network popular. Not only do players enjoy the runner game, but the top 20% of players will also earn $GFOX tokens as a reward for their gaming skills.
The Galaxy Fox network is also community-oriented. The network has dedicated 2% of all its transaction fees to the growth and sustainability of the community. Little wonder the token’s community is vibrant across social media platforms.
Join The GFox Presale
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