Memecoins
PEPE soars amid Ethereum ETF optimism as new memecoins prepare to surge
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Pepe price rises on positive Ethereum ETF news, while Galaxy Fox (GFOX) gains ground as a small-cap memecoin on Ethereum.
The cryptocurrency market saw a boom earlier this week, fueled by positive news about the Ethereum ETF. According to Bloomberg ETF analysts, the odds of a spot Ethereum ETF approval increased from 25% to 75%.
This news sparked a frenzy in the altcoin market, particularly for those projects built on the Ethereum network, such as the PEPE meme coin. Let’s dive into the details and explore a small-cap meme coin on Ethereum.
PEPE memecoin price rises following positive news on ETH ETF
Last week, PEPE price reached a new all-time high, breaking above the $0.000011 area and reaching a market capitalization of $4 billion. Following this rise, PEPE entered a correction phase, trading below the $0.00001 level for a few days.
However, on the back of yesterday’s positive news, PEPE experienced another surge, rising back to around the $0.000011 mark, once again trading close to its all-time high zone. The current market capitalization now stands at a whopping $4.6 billion.
PEPPER it outperformed other major meme coins today, such as SHIB, DOGE and FLOKI, whose prices have increased – albeit more modestly, varying from 6% to 8%.
Santiment reported that the excitement surrounding the potential approval of Ethereum’s first spot ETF has acted as a catalyst, pushing the cryptocurrency market into one of its first five days in 2024.
Surprisingly, Ethereum (ETH), Uniswap (UNI), PEPE, Bonk (BONK), and Lido DAO (LDO) all posted gains of more than 20% in a 24-hour period. Even Bitcoin’s impressive surge to $71,400, which marked its highest level in six weeks, was overshadowed by the fervor surrounding the Ethereum ETF news.
From a technical analysis perspective, the MACD signal line for PEPE is currently below the MACD line, indicating a potential bearish signal. The Relative Strength Index (RSI) is around 70, suggesting that the asset may be overbought in the near term.
While PEPE’s price surge has been impressive, a cooling or consolidation period cannot be ruled out in the coming days.
Small-cap memecoin on Ethereum: Galaxy Fox
For those interested in exploring memecoins on the Ethereum network beyond PEPE’s sizable market cap, Galactic Fox (GFOX) it might be worth considering. This small-cap meme coin gained about 20% today, but still maintains a market cap under $1 million, according to Dextools data.
GFOX had a very successful cryptocurrency pre-sale earlier this year, raising over $6 million. After today’s pump, the current price of GFOX stands at $0.00067. What attracts attention when talking about Galaxy Fox is its usefulness and its web3 runner game.
The GFOX ecosystem includes the following features:
- Play to earn: Players can engage in the game and earn GFOX tokens as a reward for their participation and achievements.
- Bet: Token holders can stake their GFOX tokens to earn passive income streams, providing an incentive to maintain and support the ecosystem.
- Token burning: The GFOX token features a burning mechanism, which reduces the total supply of tokens over time, potentially increasing the value of the remaining tokens held by users. The total amount of GFOX tokens is 5 billion, but there is currently just over 1 billion in circulation.
Galaxy Fox’s flagship offering is a web3 endless runner game where players can earn GFOX tokens based on their in-game performance. The top 20% of players each season will receive GFOX token rewards.
On May 12, Galaxy Fox announced the launch of beta testing for its web3 runner game. They expressed enthusiasm for inviting members of their community to participate and provide feedback via email invitations.
Galaxy Fox emphasized the value it places on community insights and highlighted this beta testing as an incredible opportunity for users to get an exclusive preview of the game, test its features and offer valuable feedback to improve the overall gaming experience .
Conclusion
To conclude, the positive news about the Ethereum ETF has triggered a rally in the cryptocurrency market, especially for projects built on the Ethereum network, such as PEPE and GFOX. While PEPE’s price surge has been impressive, a cooling or consolidation period cannot be ruled out.
For those seeking exposure to small-cap meme coins on Ethereum, Galaxy Fox presents an intriguing option and potentially the next meme coin to explode with its play-to-earn web3 runner game and token burning mechanism.
Read more about GFOX here, visit the Galaxy Fox presale AND join the community.
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