This tweet from @Steven_Ehrlich provides a rational analysis of the current possibilities and challenges faced by $XRP, $SOL, $LTC, $DOGE, $ADA, and $DOT in their ETF applications.
To summarize, he believes that while LTC and DOGE currently have the best chances of success, both tokens have issues. The problem with LTC is that its protocol revenue is too low, which is unlikely to attract institutional interest; even if approved, it may not generate significant buying power.
The biggest issue with DOGE is its potential for unlimited inflation, with a current annual inflation rate of 3.4%. (In fact, SOL, DOT, and DOGE all face this problem.) Of course, some may argue that $ETH is also inflationary, but ETH's inflation is dynamic after the EIP-1559 protocol was implemented; high usage leads to deflation, while low usage results in slight inflation.
PS: After ETH transitioned to POS, its annual inflation rate is approximately 0.5%-1%, significantly lower than the roughly 4.3% during the POW era.
SOL performs well in various aspects, but due to its lawsuit with the SEC, it needs to resolve that issue before further considering the possibility of approval. XRP faces both a lawsuit and very low protocol revenue, which was only $1.15 million last year.
ADA's situation is similar to XRP's; although its protocol revenue is four times that of XRP, it is still very low, and it also has a lawsuit with the SEC. Lastly, DOT has not yet submitted a 194b application.
Additionally, Hedera's situation is similar to that of DOT.
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