Pepe Price Explodes With Ethereum After Spot Bitcoin ETF News - Which Meme Coins Are The Next ETH Beta Plays
Release: 2024/01/11 22:04 Reading: 392
The crypto industry scored a long-awaited victory on Wednesday, with the US Securities and Exchange Commission approving all spot Bitcoin ETF applications. The ETFs will start trading on Thursday, with BlackRock’s iShares Bitcoin ETF (IBIT) already trading in pre-market and is up 25%.
The SEC’s nod has spurred crypto prices towards new highs, with altcoins surprisingly witnessing the most gains. While the Bitcoin price ($BTC) only experienced a modest 2% bounce, the Ethereum price ($ETH) skyrocketed 10% to hit $2,623. Similarly, ETH-based tokens such as Ethereum Classic (ETC), Ethereum Naming Service (ENS) and Arbitrum (ARB) are showcasing the highest gains.
The meme coin market is also being dominated by ERC-20 tokens, with the Pepe price exploding by 16% on Thursday. $PEPE is now trading at $0.00000144, with a market capitalization of $608 million. According to CoinMarketCap, it is currently the 100th largest cryptocurrency on the market.
New ERC-20 meme coins are also high in demand. For instance, Meme Kombat and Sponge are displaying strength in their respective presales and could be the next meme tokens to explode.
Pepe Price Prediction - Analyst Reveals If It Is Too Late To Buy Pepe
Pepe coin has had an excellent past 24 hours, breaking out of a multi-month down trend. Crypto analyst Ali, who has over 40k followers on X, also highlights that the frog-based meme coin broke out of a descending parallel channel.
Ali believes that if the meme coin continues to hold above the channel top, it could be heading to $0.0000016 or even $0.0000019, the latter of which represents a 32% bull rally.
The frog-based meme coin is undoubtedly receiving a strong boost from Ethereum, considering it is an ERC-20 token and typically acts like leveraged ETH. With the spot Bitcoin ETFs now approved, the market attention shifts to Ether, considering that BlackRock, Fidelity and other TradFi giants have also filed for spot Ethereum ETFs. Furthermore, Bitcoin dominance (BTC.D) also hits a local top in the pre-halving months, kickstarting the altcoin season.
Consequently, the ETH/BTC trading pair has started to display tremendous strength over the past 24 hours, which is also helping Pepe’s bull run. Analyst Crypto Kaleo believes that Pepe will hit a multi-billion dollar market cap once the ETH/BTC ratio reclaims a value of 0.06.
Another analyst Mando, who has over 124k followers on X, believes that the Pepe price will 10x in this bull market and flip Shiba Inu, calling it “the most obvious flippening of this cycle”.
The Pepe technical analysis from TradingView also gives a “Strong Buy” signal to the meme coin in the daily and weekly time frames, considering that it is outperforming every important moving average indicator. While the Pepe Relative Strength Index (RSI) may have entered overbought territory in the 4-hour time frame, it is often a bullish rather than bearish signal for a token in the bull market.
Which Meme Coins Could Explode Next?
Pepe is not the only beta play on Ethereum that is being backed by experts to display a 10x bull rally in 2024. Meme Kombat and Sponge V2 could end up offering similar returns, maybe even higher considering that they are new meme coins that are yet to explode.
Meme Kombat ($MK)
Meme Kombat is a high utility meme coin, with exciting attributes such as Web3 gaming, staking and artificial intelligence that are capturing the attention of investors. In a span of just a few weeks, $MK has raised over $6.6 million in its presale phase, which is an indication of its strong price potential.
Instead of hoping to capitalize solely on hype, Meme Kombat is launching its own gaming platform, one that will showcase the “battle of meme coins”. The platform will act as a virtual battle arena for 11 mascots, each representing a popular token such as Pepe, Doge, Shiba, Floki, etc. This strategy allows $MK to capitalize on the established fame of the aforementioned meme coins.
The mascots will engage in AI-simulated battles, the outcome of which shall remain unpredictable, allowing players to bet on it. Gamers can compete against each other in various gaming modes such as player vs player, player vs game and direct betting.
$MK holders can also generate passive income through safer means, simply by staking their tokens and earning staking rewards, currently at an APY of 143%. This dual income concept has impressed several smart money traders such as Crypto Tony and Michael Wrubel, with Wrubel believing that Meme Kombat could 100x after its launch.
Analyst Joe Parys has even included Meme Kombat into his list of “Top 5 Meme Crypto for 2024”.
Sponge V2 ($SPONGEV2)
Another meme coin that is quickly selling out in its presale is Sponge V2, with many of the early buyers turning out to be massive crypto whales. Even Justin Sun, the founder of the Tron blockchain and the Poloniex exchange, has over $4 million worth of $SPONGE, which he is expected to convert to $SPONGEV2.
Sponge V2 is the second and improved version of Sponge, the explosive meme coin that generated 100x gains in 2023. Indeed, Sponge was one of the best performing meme tokens of 2023, reaching a market capitalization of $100 million at its peak.
Immediately after its launch, the SpongeBob SquarePants-inspired meme token was launched on several Tier-1 crypto exchanges such as OKX, LBANK and MEXC. The meme coin gained 13,000 holders and over 30k social media followers, just days after its launch.
Now, the developer team behind Sponge believes that Sponge V2 will enjoy even more success and will launch on better and bigger exchanges, which could be an indication towards Binance. The new meme coin is also backed by revamped tokenomics, a Play-To-Earn game and a high marketing budget, all of which could make it one of the best meme coins to invest in 2024.
Interested buyers can head to the spongetoken.vip website and buy Sponge V2 through the available widget. If buyers already have Sponge tokens, they can stake their holdings using the widget and receive Sponge V2 in exchange.
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