Memecoins
3 Memecoins to Watch After Ethereum ETF Launch
Ethereum ETFs were officially launched on July 22, sparking bullish tailwinds in the cryptocurrency market; leading on-chain indicators suggest that the memecoin sector could receive a significant boost as we approach August 2024.
PEPE: Bulls could aim for new all-time high
PEPE is currently the second largest memecoin project on Ethereum, behind Shiba Inu (SHIB). Recent evolution of PEPE prices Over the past three months, it appears to be the one that has benefited the most from the Ethereum ETF’s bullish headwinds.
On May 20, 2024, a Bloomberg analyst reported the approval of Ethereum ETFs by the US SEC. The chart above shows that the PEPE price instantly entered a meteoric rise of 92% in 7 days, reaching an all-time high of $0.000017 on May 27.
At the time of writing, July 29, PEPE price is trading at a margin of $0.000012, representing an increase of over 1,000% in terms of year-to-date performance.
More recently, the positive correlation between Ethereum ETF approval and PEPE price action in late May suggests that the token could be well positioned for another rally if flows increase significantly in August 2024 and beyond.
LAIKA: Whales Could Be Imitating Solana’s New Memes
During the first half of 2024, the Solana ecosystem has attracted considerable media and market interest, particularly with the remarkable performance of native coins such as Book of Memes (BOME) and Dogwifhat (WIF), which have seen rallies exceeding 1,000%.
As the second half of 2024 unfolds, LAIKA, a promising memecoin on the Solana blockchain, shows significant potential to mirror the success of its predecessors.
LAIKA quickly gained popularity, thanks in part to its unique marketing approach. The coin gained attention when it launched its mascot into Earth’s orbit in March 2024, a strategic move that captivated the crypto community and set it apart from a myriad of other memecoins.
Despite the widespread volatility in the cryptocurrency markets, LAIKA’s native token has shown resilience. Over the past 24 hours, the token has seen a 2% rebound, contrasting with the double-digit losses suffered by other leading memecoins like SHIB.
At the time of writing, July 29, LAIKA was trading at $0.00006, with a market capitalization of over $58 million.
One of LAIKA’s key features is its rewards-based Laika Moon Mission game, which provides a compelling mechanism to earn passive income. This aspect could bolster demand for the token as investors seek stable returns in a bear market. The engaging nature of the game and potential rewards make it an attractive option to diversify cryptocurrency portfolios with utility-focused assets.
DJT (Trump Coin): Trump campaigns could drive August rally
Memecoin DJT is generating buzz within the cryptocurrency community, positioning itself as a meme coin to watch in August 2024. This renewed interest is driven by a combination of recent events and market dynamics that are expected to fuel its growth.
One of the main catalysts is the successful launch of Ethereum ETFs. The introduction of these ETFs has sparked renewed attention in the broader cryptocurrency market, increasing liquidity and investor interest. As a result, many altcoins, including memecoins like DJT, are seeing increased trading activity. The increased exposure and accessibility of Ethereum-related assets is having a trickle-down effect, benefiting lesser-known cryptocurrencies in the ecosystem.
Another important factor is the emergence of Donald Trump as the frontrunner in the 2024 US election. Trump’s prominence in the political arena has historically influenced market sentiment, and his association with the DJT memecoin adds a unique layer of speculative appeal.
Donald Trump delivered a speech at the Bitcoin Nashville conference held from July 25-29, 2024, sending bullish tailwinds through the cryptocurrency markets.
But it is worth noting that the DJT coin entered a meteoric 15% surge during the conference, before retracing towards the $0.00007 level at the time of writing on July 29.
Although the campaign has yet to confirm this information, the DJT meme suggests that the token is closely tied to Donald Trump. The price action seen over the past week suggests that DJT is now closely tied to Trump’s fortunes in the presidential race in the short term.
As campaigns heat up, DJT will likely garner interest from supporters and detractors alike eager to engage with a politically themed digital asset. This puts DJT firmly on the list of meme coins to watch closely in August 2024.
Speculation that bullish catalysts such as Ethereum ETF inflows and Donald Trump’s candidacy could spark a major rally in the memecoin sector. If crypto whales’ recent preference for small-cap memecoins persists in August, tokens like PEPE, LAIKA, and DJT are well-positioned to gain traction in the coming weeks.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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