News
Ethereum ETF News Pushes Crypto Prices Higher: Best ERC20 Tokens to Buy Now
The cryptocurrency market was hit by positive Ethereum ETF news earlier this week, which helped boost the prices of most altcoins. Bloomberg analysts increased the possibility of acceptance of the Ethereum ETF from 25% to 75% yesterday, providing a boost to the entire crypto ecosystem.
Ethereum itself produced the best single-day performance of this bull run, with the price of ETH rising 17%. However, today ERC20 tokens, based on the Ethereum blockchain, are stealing the spotlight.
Will the Ethereum ETF be approved? The odds are higher now
On Monday, May 20, Bloomberg ETF analyst Eric Balchunas published a post on X (formerly Twitter), raising his chances of spot ETF approval from 25% to 75%. This post now has over 4.4 million views, causing a ripple effect throughout the market.
Update: @JSeyff and I’m increasing our Ether ETF spot approval odds to 75% (up from 25%), hearing rumors this afternoon that the SEC might do a 180 on this (increasingly political issue), so now everyone hurry (as we assumed everyone else would be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
Following this news, the price of Ethereum went from around $3,000 to almost $3,700. Some ERC20 tokens that are part of the Ethereum ecosystem also performed well, with the price of Lido DAO (LDO) up more than 30% and Uniswap coins, which are the largest DEX on Ethereum, up by over 20%.
The price of Arbitrum (ARB) reacted well with a rise of 17%, while the price of Ethena (ENA) also recorded a rise of 16%. As of this writing, if you look at the biggest gains among the top 100 coins in the last 24 hours, 6 of the top 7 winners are ERC20 tokens, with only BONK present as Solana’s meme coin. The most popular ERC20 meme coin, PEPE, also gained 20%.
So, this gets investors thinking: what are the best ERC20 tokens to invest in right now? With the buzz around the ETH ETF, this has become a hot topic.
The best ERC-20 tokens to invest in now
One of the most popular crypto YouTube channels around, 99Bitcoin, which has over 700,000 subscribers, highlighted the best cryptocurrencies to buy now in its latest video. In fact, the 2 altcoins mentioned are ERC-20 tokens.
The first is Dogeverse, and they said that in about 10 days we should see Dogeverse go live after a successful cryptocurrency presale. It’s one of the hottest meme coins around right now, with approx 20,000 followers on X and receive many likes, retweets and impressions. The community and culture are strong and the maximum supply is 200 billion tokens. One Dogeverse token is 0.0031 and is available on six different chains. This coin has raised over $15 million in pre-sales.
The second ERC-20 token is Wiener AI. It is about to reach the next stage of the presale at 0.0078, having raised 2.3 million of their target of 2.37 million. If you like AI and meme coins, this could be a high-risk, high-reward play. It has a total supply of 69 billion tokens and is getting a lot of coverage. They Page X she has 9.5K followers and could be the recipe for a big blowjob soon.
Ethereum ETF approval could be a game changer
The potential approval of an Ethereum ETF could represent another turning point for the cryptocurrency industry. While Bitcoin ETFs were approved in January this year, paving the way for institutional investments in the leading cryptocurrency, an ETH ETF would open up new avenues for investments in the second largest cryptocurrency and its ecosystem.
This is why Ethereum-based ERC-20 tokens, such as Dogeverse and WienerAI, may be the next cryptocurrencies to watch as we experience another upside in this bull cycle.