Solana Hits 7-Month High, Dogecoin Slips Despite ETF Buzz As Bitcoin Stalls Ahead Of PPI Report

Solana’s gains come as the token registered a new all-time high of $12.31 billion in total value locked over the last 24 hours on Thursday.

Solana (SOL) was the only major altcoin in positive territory in early morning trade on Wednesday, while Bitcoin (BTC) held steady as retail traders awaited the U.S. producer price index (PPI) report, scheduled for later in the day. 

Solana’s price climbed to an intraday peak of $222.42, its highest level in seven months. At the time of writing, the token was up 1.1% in the last 24 hours. On Stocktwits, retail sentiment around the altcoin climbed to ‘neutral’ from ‘bearish’ territory over the past day. Solana’s gains come as the token registered a new all-time high of $12.31 billion in total value locked (TVL) over the last 24 hours, according to DefiLlama data.

Dogecoin (DOGE) slipped 0.3% over the past 24 hours, even as reports surfaced that the first-ever U.S. Dogecoin ETF — the RexShares Osprey ETF (DOJE) — is set to launch Thursday. The fund would mark the first U.S. exchange-traded product dedicated to a meme coin, according to Bloomberg analyst Eric Balchunas. At the time of writing, Dogecoin’s price was trading at around $0.2403. However, retail sentiment on Stocktwits around the meme coin was in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.

Meanwhile, Bitcoin’s price edged 0.4% lower over the past 24 hours, trading at around $112,275. On Stocktwits, retail sentiment around Bitcoin remained in ‘bearish’ territory over the past day. The apex altcoin, Ethereum (ETH), also edged lower, dipping around 0.5% in the last 24 hours. Ethereum’s price was trading at around $4,320, with retail sentiment worse off than Bitcoin, trending in the ‘extremely bearish’ territory over the past day.

Cardano (ADA) and Ripple’s native token XRP (XRP) were the worst hit among major altcoins. Cardano’s price fell 1.2%, while XRP’s price declined 1.3% in the last 24 hours. On Stocktwits, retail sentiment around both tokens trended in the ‘bearish’ zone over the past day. 

The overall cryptocurrency market edged 0.3% lower over the last 24 hours, slipping below the $4 trillion mark. Crypto futures bets saw around $259 million in liquidations over the past 24 hours, according to Coinglass data. Long liquidations totaled around $166 million, and short bets amounted to $93 million. 

Digital asset treasury (DAT) equities also showed cautious optimism, edging higher in pre-market trade. The largest corporate holder of Bitcoin, Michael Saylor-backed Strategy (MSTR), rose around 0.6% and the largest publicly traded company with Ethereum on its balance sheet, Bitmine Immersive Technologies (BMNR), gained 0.27%. 

Bitcoin miners like Marathon Holdings (MARA) and Riot Platforms (RIOT) also moved higher. MARA’s stock gained 0.63%, while RIOT’s stock rose 0.72%. Crypto exchange Coinbase (COIN) was up 0.66%.

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