Memecoins
Ethereum and Memecoin after ETF approval
The 2024 cryptocurrency market is in crisis, recovering from a crash and setting the stage for potential explosions. This year is shaping up 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 surge, and will these memecoins be the next big thing? Dive deeper to find out!
ETF approval triggers market rally
The recent green light from the Securities and Exchange Commission (SEC) for eight spot Ether exchange-traded funds sparked a frenzy in the market. 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. While buyers of Ethereum are busy pushing its price above $3,950, the meme coin segment is witnessing a surge in activity.
The meme coin craze takes off
Interestingly, while The price of Ethereum 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 notable 4% increase in the meme coin market in the last 24 hours alone.
The collective market capitalization of meme coins has now skyrocketed to $66 billion, with daily trading volume approaching $9 billion.
Expert insights on the best choices
The famous analyst Bluntz has identified two memecoin poised for success in 2024. His insights, shared on X, shed light on the potential of Pepe (PEPE) and Floki (FLOKI).
- Pepper (PEPPER): Despite a recent 140% increase, Bluntz believes there is more room for growth at PEPE. Currently ranked 12th by trading volume and 30th by market capitalization at $3.59 billion, PEPE has seen an impressive 221.45% increase in value over the past year. Bluntz has a price target of $0.000028, marking a substantial 75% increase from its current value of $0.000016.
- Floki (FLOKI): While FLOKI may not match PEPE’s performance, it is still promising. Ranked 42nd among the major cryptocurrencies by volume and boasting a market capitalization of $1.7 billion, FLOKI is positioned for growth. Bluntz draws a parallel between FLOKI’s current trajectory and the pre-PEPE all-time high phase, 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 Ethereum’s performance, specifically 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 the Elliott Wave Theory.
Currently trading at 0.05625 BTC ($3,842), ETH/BTC presents an intriguing landscape for investors. Bluntz identifies a bearish divergence, suggesting a loss of momentum preceding the expected decline and subsequent recovery.
These are exciting times!
The 2024 cryptocurrency market is full of activity, with Ethereum and memecoin leading the way. Analysts expect these trends to persist, with new all-time highs on the horizon for the highlighted memecoins.
Ready to dive deeper into memecoins? Check out our guide to the best meme projects: Top 13 Best Memecoins to Buy for 10-50x Profits in 2024