Donald Trump’s imminent return to the White House sparked a crypto frenzy.
Bitcoin surged to an all-time high above $75,000 as the industry anticipates more relaxed digital assets regulation.
But it wasn’t just Bitcoin. Solana, XRP, and Dogecoin also stand to gain as those tokens soared, too.
Solana
It’s Solana that stands to benefit the most under Trump, according to Anmol Singh, Founder of Solana derivatives protocol Zeta Markets.
“Solana is still viewed as a security by the SEC,” he said. “This distinction positions it to gain more from any regulatory easing.”
Investors are bullish on Solana following the US election results. They’ve pushed SOL up some 17% over the past 24 hours. It’s now the fourth-biggest crypto by market value, overtaking BNB Chain.
Institutions are also betting Trump will be good for Solana. Exchange-traded fund issuers VanEck, 21Shares, and most recently Canary Capital have all filed S-1 applications for Solana spot ETFs with the Securities and Exchange Commission.
Bloomberg Intelligence analyst Eric Balchunas previously likened such ETF filings to bullish bets on a Trump victory.
That’s because they see Trump’s win helping to ensure the departure of anti-crypto Securities and Exchange Commission Chair Gary Gensler, making it more likely that the regulator will approve the applications.
“The first most likely thing is we will probably get more ETFs approved under a new SEC regime in 2025,” Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, said in a post-election call. “Solana is probably at the front of that queue.”
XRP
Solana isn’t the only crypto asset ETF issuers are eying, either. All three firms have submitted applications for XRP ETFs, too.
XRP is a crypto asset developed, issued, and partially managed by US-based company Ripple Labs. The crypto is pegged to facilitate faster cross-border transactions, and is frequently listed as an upstart competitor to the Swift system.
“The message from the market is clear – institutional interest in XRP products is stronger than ever,” Ripple CEO Brad Garlinghouse said in response to the XRP ETF filings.
So far, XRP has gained 5% since Trump’s election victory became apparent.
Dogecoin
Joke crypto Dogecoin is also among the top post-election gainers.
It’s up 19%, over the past 24 hours, extending an 81% rally over the past month.
Aside from benefitting from the broader interest in so-called memecoins, Dogecoin has in recent weeks become another proxy for crypto investors betting on a Trump victory.
That’s because serial entrepreneur Elon Musk coordinated with Trump to set up and lead a new Department of Government Efficiency — which forms the acronym DOGE — should he win the presidency.
Now Trump is set to return to the White House, the department looks more likely.
Musk has long touted the Shiba Inu-themed crypto.
He changed the X logo to the Dogecoin logo in April last year, and performed a Dogecoin-themed skit on Saturday Night Live in 2021, the latter of which coincided with the crypto’s all-time high of $0.73.
Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.
