Markets
Ethereum and Memecoins after ETF approval
The 2024 crypto market is in shambles, recovering from a recession and setting the stage for potential booms. This year looks to be a wild ride, especially for Ethereum (ETH) and memecoins, which are making headlines following the long-awaited green light for ETH ETFs.
But what exactly is driving this increase and are these memecoins the next big thing? Dive deeper to find out!
ETF approval spurs market recovery
The recent green light from the Securities and Exchange Commission (SEC) for eight exchange-traded funds Spot Ether generated a market frenzy. Notable names like BlackRock, Grayscale, and Fidelity are among the entities applying for these ETFs, signaling a strong vote of confidence in the Ethereum ecosystem. As Ethereum buyers struggle to push its price beyond $3,950, the meme coin segment is witnessing a surge in activity.
Coin Craze meme takes off
Interestingly, while Ethereum Price the movement remains somewhat subdued, the meme coin market is ablaze with excitement. Coins like Pepe (PEPE), Floki Inu (FLOKI), and Turbo (TURBO) have fueled a remarkable 4% rise in the meme coin market in the last 24 hours alone.
The collective market capitalization of meme coins has now soared to $66 billion, with daily trading volume approaching $9 billion.
Expert insights on top picks
Renowned analyst Bluntz highlighted two memecoins primed for success in 2024. His insights, shared on X, shed light on the potential of Pepe (PEPE) and Floki (FLOKI).
- Pepê (PEPE): Despite the recent 140% increase, Bluntz believes there is more room for growth at PEPE. Currently ranked 12th by trading volume and 30th by market value at US$3.59 billion, PEPE has witnessed an impressive 221.45% increase in value over the past year. Bluntz sees a price target of $0.000028, marking a substantial 75% upside from his current value of $0.000016.
- Floki (FLOKI): Although FLOKI may not match PEPE’s performance, it is still promising. Ranked 42nd among the top cryptocurrencies by volume and boasting a market cap of $1.7 billion, FLOKI is positioned for growth. Bluntz draws parallels between FLOKI’s current trajectory and the pre-PEPE all-time high, predicting a new high of $0.00044. With FLOKI currently trading at $0.000294, the potential for robust growth is evident.
Ethereum’s Journey with Bitcoin
Looking beyond memecoins, Bluntz turned his attention to the performance of Ethereum, particularly its trading pair with Bitcoin (ETH/BTC). Anticipating a short-term drop below 0.052 BTC ($3,553) followed by a rally to 0.06 BTC ($4,100), Bluntz’s prediction aligns with Elliott Wave theory.
Currently trading at 0.05625 BTC ($3,842), ETH/BTC presents an intriguing scenario for investors. Bluntz identifies a bearish divergence, suggesting a loss of momentum ahead of the predicted decline and subsequent recovery.
These are some exciting times!
The 2024 crypto market is buzzing with activity, with Ethereum and memecoins leading the charge. Analysts predict these trends will persist, with new highs on the horizon for the featured memecoins.
Ready to dive deeper into memecoins? Check out our guide to the top meme projects: Top 13 Memecoins to Buy for 10x to 50x Profits in 2024