Cathie Wood, CEO of ARK Invest, has recently been vocal about Solana, which has been recently experiencing a huge price rally.
In her comments earlier this week, Wood praised the blockchain protocol for its efficiency and cost-effectiveness, especially when compared to Ethereum.
"Solana is doing a really good job. If you look at Ethereum it was faster and cheaper than Bitcoin in the day. Solana is faster and more cost-effective than Ethereum", she said during an interview with CNBC’s "Squawk Box" on Tuesday.
Solana saw a 15% increase on the day following her comments, with the price of Solana's SOL token extending its monthly rise to nearly 200% and eyes on the $100 target. Since she made her comments on Tuesday, SOL has gained another $10 and was trading at $62 as of this writing, according to CoinGecko.
Here Comes the SOL: Solana Hits Another Yearly High
After slowing down briefly, Solana (SOL) has continued its rally and has now touched a new yearly high. At the time of writing, SOL was trading hands for $62.16, according to CoinGecko. That's a more than a 12% 24-hour climb. The Ethereum competitor has the best gains over a seven-day period out of the top 20 coins by market cap too. Renewed hype around SOL means that the asset, which has a market cap of $26.3 billion, has shot up by 165% in the past 30 days—making it the best-performing major c...
Wood's sentiments this week echo her past comments because it's not the first time she's praised Solana.
On November 1, in another CNBC interview, Wood highlighted Solana's efficiency and indicated its potential to outpace Ethereum in terms of both speed and cost-effectiveness.
Cathie Wood has long been a fan of Bitcoin and the broader cryptocurrency market—but has often voiced her frustration at the U.S. regulatory environment.
Cathie Wood's Ark Invest Sells $3.8M In Grayscale Shares, Snaps Up $5.6M in Block
Bitcoin bull Cathie Wood's Ark Invest has again sold off Grayscale Trust (GBTC) shares—this time worth around $3.8 million—and bought $5.6 million in Block shares. Trading activity shows that Ark's Next Generation Internet fund (ARKW) sold 139,506 shares of GBTC shares while buying 113,326 shares of Block, Inc. and adding them to ARK Innovation ETF (ARKK), ARKW fund and Ark Fintech Innovation ETF (ARKF). It is the second time Ark Invest sold Grayscale shares in recent weeks: on October 24, Ark o...
She has critiqued the SEC for its delay in approving a Bitcoin ETF, suggesting that the political ambitions of SEC Chairman Gary Gensler could influence the hesitation. She's also defended Bitcoin's decentralized and transparent nature against concerns over market manipulation.
Despite regulatory hurdles, she remains optimistic about the future of cryptocurrencies, projecting that the market could grow to $25 trillion by 2030, with institutional adoption driving this growth.
Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Stacy Elliott.
