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A protocol in Solana ecosystem initially designed to short memecoins is now flipping its strategy, allowing users to capitalize on heavily shorted tokens. Dumpy.fun, which derives its name from the successful Solana memecoin deployer pump.fun, is set to launch a new tool named “squeezy.lol” on August 27.
The platform’s latest offering, the short-squeeze tool, aims to usher in a “new era of PVP,” or player vs. player, trading—a style that is particularly aggressive and competitive in the memecoin market.
Details of the Platform Focused on Memecoins
The new squeezy.lol platform will enable traders to “take the other side” of Dumpy.fun users, offering them a unique opportunity to go long on memecoins that are heavily shorted.
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A tool called the “squeeze explorer” is designed to identify the most shorted tokens within the memecoin universe. This feature could allow traders to spot these assets and potentially mobilize memecoin communities to trigger a “short squeeze,” where prices surge as short sellers rush to cover their positions.
Dumpy.fun currently supports 11 memecoins, including popular ones like Dogwifhat (WIF), Wen (WEN), and Bonk (BONK). However, the platform has announced plans to introduce permissionless listings, giving users the ability to short newly created tokens of their choice.
Brazil Approves Solana ETF
Meanwhile, another development in the Solana ecosystem has caught the attention of investors—this time on a more traditional financial front. The Brazilian Securities and Exchange Commission (CVM) has given the green light to a second Solana exchange-traded fund (ETF).
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According to the CVM’s central database, the new Solana (SOL) ETF, currently in a pre-operational phase, will be offered by asset manager Hashdex, which manages over $962 million in assets. Notably, Hashdex is partnering with local investment bank BTG Pactual to bring this ETF to market.
This approval follows the U.S. Securities and Exchange Commission’s (SEC) recent rejection of several 19b-4 applications for Solana ETFs. These applications were submitted by the Cboe BZX Exchange on behalf of two potential issuers.
Solana is currently trading around $142.9, marking a 3% decline in the past 24 hours. Its market capitalization has similarly dropped by 3%, standing at around $66.6 billion.
