Franklin Templeton [FTI] has set its sights on Solana, praising the blockchain’s vision and accomplishments in a recent post. The global investment firm expressed admiration for Solana’s unique approach to decentralized blockchains, emphasizing its potential to reduce information asymmetry through a single atomic state machine. Notably, FTI lauded the diverse activities on the SOL blockchain during Q4 2023, including developments in decentralized finance [DeFi], meme coins, NFT innovation, and the emergence of the trending Solana meme coin, Dogwifhat.
The post triggered speculation within the crypto community, with attention drawn to the possibility of Franklin Templeton exploring its next exchange-traded fund [ETF] on the SOL network. A user pointed out the correlation between the ETF tweet and the launch of the BWIF meme coin on Solana, suggesting a potential connection.
The meme coin gained rapid popularity amidst SOL’s bullish price action, spurred by the recent approval of the Bitcoin spot ETF. Users speculated that FTI’s tweet could be a teaser for the inclusion of Solana in its ETF filing, hinting at a significant development in the pipeline.
While Franklin Templeton previously faced criticism for changing its profile picture to a laser-eyed symbol, the company responded humorously, “You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat.”
The name Ben is in honor of Benjamin Franklin, for whom the company is named. and the wif hat is a reference to the trending Shiba Inu puppy donning a knitted hat.
Solana In Still Waters
Despite the positive sentiments, SOL’s price experienced a 5% decline in the past seven days, raising questions about the immediate impact of FTI’s tweet on the cryptocurrency’s market performance. Some analysts believe that the fifth-biggest altcoin may not necessarily depend on the ETF narrative for price appreciation, suggesting a unique trajectory for the blockchain platform.
Coinbase CEO Brian Armstrong shared optimism about Solana’s future, stating that major altcoins like SOL could find a place in future ETF lineups. He further envisioned the possibility of crypto index funds resembling traditional indices like the S&P 500, catering to various subsets of the crypto market such as DeFi, NFTs, and staking.
As the crypto community awaits further developments, Franklin Templeton’s interest in Solana adds an intriguing layer to the ongoing narrative of blockchain innovation and ETF possibilities in the crypto space.