1 Top Cryptocurrency to Buy in June Before It Potentially Skyrockets in Value

Throughout the first five months of 2024, Solana (CRYPTO: SOL) has been unable to keep pace with both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). There was a 66% increase compared to 65% for Ethereum and 62% for Bitcoin.

That’s impressive, but the best may be yet to come. There are three major catalysts that could propel Solana’s rise this summer.

1. Spot Solana ETF?

The biggest reason Solana’s value has soared is spot exchange-traded funds (ETFs). We have already seen Bitcoin gain tremendous momentum with the launch of new spot ETFs in January. And now we see Ethereum getting a big boost from the enthusiasm around the launch of new spot Ethereum ETFs. So, do you have any guesses as to which cryptocurrency might be next in line to buy a spot ETF?

Rumor has it it will be Solana. Crypto enthusiasts on social media aren’t the only ones thinking Solana could be next. Talking heads at CNBC also brought up the issue.

The current consensus is that Wall Street will stick to the scenario of choosing a large-cap, widely held cryptocurrency for the next crypto ETF. And Solana, which ranks as the fifth largest cryptocurrency with a massive market cap of $77 billion, fits the bill.

2. Meme money craze

The next big factor is the meme money craze. There has been an absolute explosion of interest in meme coins as some investors have turned just a few hundred dollars into $1 million or more.

Solana has emerged as the blockchain of choice for buying and selling new meme coins. As a result, activity on the Solana blockchain is rising to new levels. People are swapping meme coins and swapping them, attracting new users and new interest from the crypto community.

Image source: Getty Images.

Most interestingly, this meme money craze is starting to have real-world effects. Solana, for example, was having trouble selling its new “crypto phone” in late 2023. But then he came up with the idea of ​​giving away free meme coins with every phone purchase, and these phones are now flying off the shelves. Quite simply, people realized that meme coins could be worth more than the phone itself. It is not yet known whether people will use the phone.

Or consider the world of mobile applications. You’ve probably downloaded quite a few mobile apps onto your phone, right? Next time you do this, check out the list of most downloaded mobile apps. Solana’s Phantom wallet app is now downloaded more than the Facebook mobile app and sits just below ChatGPT. People want the Phantom app because it gives them access to meme coins in Solana.

3. A new PayPal partnership

Even if you’re not interested in meme coins, Solana’s new partnership with PayPal Holdings (NASDAQ: PYPL) may catch your attention.

The story continues

At the end of May, PayPal announced that its new stablecoin, PayPal USD, would be launched on the Solana blockchain. PayPal cited Solana’s “extremely low costs” and “fast speeds” in its press release.

This is important because crypto users – just like everyone else – tend to go where costs are lowest and speeds are fastest. And Solana is clearly faster and cheaper to use than Ethereum, whose stablecoin PayPal first launched in August.

But uptake wasn’t that great at the time, and PayPal is clearly hoping Solana can help bring the stablecoin to a wider audience. From Solana’s perspective, partnering with PayPal could unlock new commerce and payment opportunities, including peer-to-peer payments.

Solana or Ethereum?

June could be a very important month for Solana. The big moment of truth will come when new spot Ethereum ETFs begin trading. This may happen in June.

Some said this would be detrimental to rival cryptocurrencies, including Solana, as people prefer cryptocurrencies traded through ETFs.

However, this way of thinking is somewhat narrow-minded. First, Solana may also be buying ETFs. Moreover, Solana really seems to be turning the corner when it comes to mainstream consumer adoption.

In May, celebrities with millions of followers (like Caitlyn Jenner and Iggy Azalea) began using Solana for meme coin launches. If this trend continues, it could help the name gain recognition and popular adoption.

And remember: Solana’s value has skyrocketed nearly 900% in the last year. He has proven his ability to do this and there may be more positive developments in the future.

So yes, I believe Solana could be ready to step up significantly this summer. It just needs to continue to break Ethereum’s dominance and gain a much larger base of users and investors.

Should you invest $1000 in Solana right now?

Before buying stock in Solana, consider:

The Motley Fool Stock Advisor analyst team identified what they believe are the 10 best stocks for investors to buy right now… and Solana wasn’t one of them. The 10 stocks that made the cut could deliver monster returns in the coming years.

Consider that Nvidia made this list on April 15, 2005… if you had invested $1,000 on the date we recommended, you would have had $741,362!*

Stock Advisor provides investors with an easy-to-follow success plan, including guidance on portfolio construction, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of the S&P 500 since 2002*.

See the 10 stocks »

*Stock Advisor returns as of June 3, 2024

Dominic Basulto has positions in Bitcoin, Ethereum and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, PayPal, and Solana. The Motley Fool recommends these options: Short calls on PayPal for $67.50 in June 2024. The Motley Fool has a disclosure policy.

The 1 Best Cryptocurrencies to Buy in June Before Their Value Potentially Rises appeared first by The Motley Fool