Memecoins
As Meme Coins Disappear, This Ethereum Sector Is Likely to Grow Massively
You have reached your limit 5 free items for this month.
Get Premium without limits for just $479.76 for the first month
Access all our articles, analyzes and analysts.
Your promo code
- Meme coins like DOGE, SHIB, WIF, etc., are down double digits in the last five days.
- Ethereum-based altcoins like ENS, LDO, and PENDLE rose amid a bear market.
- Investors can expect ETH-linked altcoins to heat up as the Ethereum ETF spot decision approaches.
The bull run has favored meme coins, whether on the Ethereum or Solana blockchain. This phase gave birth to multi-million dollar meme coins like dogwifhat (WIF), BOOK OF MEME (BOME), MAGA (TRUMP), etc. However, due to the recent market outlook, meme coins have taken a big hit.
Even parts lose weight
Over the past five days, Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF) are down 13%, 15%, and almost 20%, respectively. Monthly performance to date shows that the performance of these coins ranges from -20% to almost -40%, indicating the current state of the meme coin industry.
Meme Coin Price Performance
Capital flows into ETH-based altcoins
As mentioned in a previous post from FXStreet, jerky market movements eliminate not only meme coins, but also enthusiastic bulls. But one altcoin sector has shown incredible potential to recover from last week’s downtrend: Ethereum-based altcoins.
Ethereum The price of Name Service (ENS) has increased by 26% in less than five days. Lido DAO (LDO) and Pendle (PENDLE) both climbed 20% and 15% during the same period.
Alternative performance of ETH
The price of ENS is expected to increase by another 15%
ENS price surged by 21% in the last 48 hours and broke through the resistance level of $24.34. As holders eager to take profits rush in, investors can likely expect a pullback that will retest the aforementioned level. Interestingly, this barrier is also engulfed by an imbalance, extending from $22.87 to $24.77.
Ideally, interested investors can accumulate ENS in this area. The resulting recovery rally could see the ETH-based altcoin rebound 16% and mark the next key hurdle at $28.42.
ENS/USDT 4-hour chart
On the other hand, if ENS price breaks above the June 18 low of $21.39, it would produce a lower low and invalidate the bullish thesis. Such a development could see ENS fall by 12.50% to retest the June 12 low at $18.74.
- Meme coins like DOGE, SHIB, WIF, etc., are down double digits in the last five days.
- Ethereum-based altcoins like ENS, LDO, and PENDLE rose amid a bear market.
- Investors can expect ETH-linked altcoins to heat up as the Ethereum ETF spot decision approaches.
The bull run has favored meme coins, whether on the Ethereum or Solana blockchain. This phase gave birth to multi-million dollar meme coins like dogwifhat (WIF), BOOK OF MEME (BOME), MAGA (TRUMP), etc. However, due to the recent market outlook, meme coins have taken a big hit.
Even parts lose weight
Over the past five days, Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF) are down 13%, 15%, and almost 20%, respectively. Monthly performance to date shows that the performance of these coins ranges from -20% to almost -40%, indicating the current state of the meme coin industry.
Meme Coin Price Performance
Capital flows into ETH-based altcoins
As mentioned in a previous post from FXStreet, jerky market movements eliminate not only meme coins, but also enthusiastic bulls. But one altcoin sector has shown incredible potential to recover from last week’s downtrend: Ethereum-based altcoins.
Ethereum The price of Name Service (ENS) has increased by 26% in less than five days. Lido DAO (LDO) and Pendle (PENDLE) both climbed 20% and 15% during the same period.
Alternative performance of ETH
The price of ENS is expected to increase by another 15%
ENS price surged by 21% in the last 48 hours and broke through the resistance level of $24.34. As holders eager to take profits rush in, investors can likely expect a pullback that will retest the aforementioned level. Interestingly, this barrier is also engulfed by an imbalance, extending from $22.87 to $24.77.
Ideally, interested investors can accumulate ENS in this area. The resulting recovery rally could see the ETH-based altcoin rebound 16% and mark the next key hurdle at $28.42.
ENS/USDT 4-hour chart
On the other hand, if ENS price breaks above the June 18 low of $21.39, it would produce a lower low and invalidate the bullish thesis. Such a development could see ENS fall by 12.50% to retest the June 12 low at $18.74.