Memecoins
PEPE and Galaxy Fox ($GFOX)
-Ethereum ETF approvals spark renewed interest in $ETH ecosystem meme coins
– PEPE Meme Coin Breaks Multiple ATHs and Sees Colossal Whale Transactions of Over $14 Million
– Small capitalization Galactic Fox introduces an innovative play to earn meme coin model
This week, the crypto community celebrated victory when the SEC approved Ethereum ETFs. With this major development, meme coins that are part of the Ethereum ecosystem could potentially do well in the coming period.
Let’s analyze two intriguing projects: the big cap PEPE and the recently launched low cap Galaxy Fox ($GFOX) memetic currency.
$PEPE Price Prediction: Historical Earnings and Whale Activity
The price of $PEPE has performed well recently, repeatedly breaking out of the all-time high following the all-time high in May. Its latest record high was around $0.000015, although $PEPE is currently trading at $0.0000137, down 5% today amid a broader market pullback. However, zooming out on the weekly time frame shows that $PEPE is actually up 35% over the last 7 days.
A leading crypto analyst, Altcoin Sherpa, shared his PEPE journey, initially purchasing a 5-figure sum when it had a market capitalization of just $10 million. If he had held the entire position to this day, it would have become an 8-figure earner.
Although it sold near the recent high in 2023 to make a solid profit and maintain a moonbag, the potential missed gains were substantial. However, the analyst remains pragmatic, recognizing that in the cryptocurrency sector there will always be trades where one exits too early or late – the key is to learn and move forward.
The whales also made their moves. According to blockchain analytics firm SpotOnChain, a single Ethereum address withdrew a staggering 982.56 billion $PEPE tokens worth over $14 million from Binance in just two transactions over the past day. This demonstrates high conviction among key players.
Technical analysis of AltFINS suggests that the bullish trend for PEPE has just begun. Their report states that $PEPE confirmed a bullish breakout from a channel up pattern by surpassing the $0.000012 resistance level.
Based on Fibonacci extension levels, analysts see the next major resistance targets at $0.0000148 (78.6% extension) and $0.0000164 (100% extension). While PEPE is currently overbought with an RSI above 75, AltFINS recommends buying any dips towards the key $0.000012 level which was previously acting as resistance.
Galaxy Fox: A play-to-earn meme coin
Although PEPE is a large-cap veteran, Galaxy Fox ($GFOX) is a newcomer with a small market cap of $650,000. However, its modest circulating supply of 1 billion tokens out of 5 billion total means it has plenty of room to run.
The project combines meme culture with a “play to earn” model through an upcoming web3 endless runner game. In the game, players pilot Warcraft to collect points while fighting enemies in an infinite runner format. The goal is to earn enough points to rank in the top 20% of the leaderboard each season, securing $GFOX token rewards based on their ranking.
To gain a strategic advantage, players can purchase exclusive NFT asset upgrades that provide temporary attribute enhancements to their aircraft. This level of NFT integration adds dynamics to game theory. The web3 endless runner was launched on May 11, 2024, when Galaxy Fox’s game-to-earn model fully begins.
In addition to earning GFOX through gaming, the token also powers the ecosystem. Players can spend their hard-earned GFOX on additional features, upgrades, and NFTs within the in-game economy. This two-way utility aims to promote an engaging, rewarding and sustainable cycle.
Conclusion
To summarize, in the wake of Ethereum ETF approvals that have ignited the ecosystem, both PEPE and Galaxy Fox could potentially present interesting meme coin opportunities to look at, albeit from different angles.
PEPE has already demonstrated its explosiveness, setting new all-time highs and recording colossal whale transactions worth over $14 million. Together with technical analysts predicting further upside towards the $0.0000164 level, PEPE may be preparing for the continuation of its historic run.
On the other hand, Galaxy Fox is taking an approach by combining memes with a play-to-earn gaming model and NFT utility, aiming to create an engaging and rewarding ecosystem around its $GFOX token. Its tiny market cap of $650,000 could also make for an interesting entry point for a hidden meme coin project.
Find out more about $GFOX here: