Another show of strength from Solana 💪 | TokenNews

This week in tokens

Solana continues to lead the token market.

Major blockchains aside, a new project called MegaETH came out of stealth mode last week as its team announced a $20 million seed funding round at a nine-figure valuation. While the space isn’t short of new chains, this update is notable for a few reasons: the investments came from big players like Vitalik Buterin, Consensys founder Joseph Lubin, and Dragonfly Capital, MegaETH says it can deliver extremely fast “real-time” transactions, and it offers full compatibility with Ethereum. But will that be enough to compete with the abundance of chains in the ecosystem today? Time will tell.

The SEC and FDIC were also back in the news last week after Coinbase announced it had filed another suit against the US federal agencies. This time, Coinbase has complained that they failed to comply with Freedom of Information requests in 2023. It’s clear that Coinbase is going all out to fight for the token space.

Solana has been one of the strongest performers of this market cycle and its run has continued over the last few days as the market turned green. One reason for that is VanEck’s spot SOL ETF filing, following similar filings (and approvals) for BTC and ETH. VanEck says that SOL is a commodity but it could take some time for any new token-related ETFs to be approved.

Tokens we’re watching

ENS scored huge gains this week and has outperformed many other Ethereum-related tokens over the past year. ENS attaches readable names to Ethereum addresses, and in that sense it’s a crucial project for Ethereum itself and Web3 as a whole. That’s why it features in The Ethereum Ecosystem, Caught by Vitalik, Welcome to Web3, and other key token.com Collections.

Bonk is Solana’s original meme coin and this week it rose sharply alongside SOL. That suggests it could rise in the future if meme coins stay hot and Solana extends its moment in the sun. Find it via the app to learn more.

NFT art we love

Infinite Images is a newly released NFT collection created by AI art pioneers Holly Herndon and Mat Dryhurst between 2021 and 2022. Presented by AI art curators FellowshipAI, the collection was the first created using DALL-E 1—making it a part of AI technology’s history.