Memecoins
PEPE soars amid Ethereum ETF optimism as new memecoins prepare to surge
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Pepe’s price rises following positive Ethereum ETF news, while Galaxy Fox (GFOX) gains ground as a small-cap memecoin on Ethereum.
The crypto market saw a boom earlier this week, fueled by positive news on the Ethereum ETF. According to Bloomberg ETF analysts, the chances of getting a place Ethereum ETF approval increased from 25% to 75%.
This news sparked a frenzy in the altcoin market, especially for projects built on the Ethereum network, like the PEPE meme coin. Let’s go into detail and explore a low-cap meme coin on Ethereum.
PEPE memecoin price rises following positive ETH ETF news
Last week, PEPE price reached a new all-time high, crossing the $0.000011 zone and reaching a market cap of $4 billion. Following this surge, PEPE entered a correction phase, trading below the $0.00001 level for a few days.
However, following yesterday’s positive news, PEPE saw another uptick, rising back around the $0.000011 mark, once again trading near its all-time high zone. The current market capitalization now stands at an impressive $4.6 billion.
PEPE outperformed other top coins today, like SHIB, DOGE and FLOKI, whose prices have also increased – albeit more modestly, ranging from 6% to 8%.
Santiment reported that the excitement surrounding the potential approval of Ethereum’s first spot ETF acted as a catalyst, propelling the crypto market into one of its top five days in 2024.
Remarkably, Ethereum (ETH), Uniswap (UNI), PEPE, Bonk (BONK), and Lido DAO (LDO) all saw gains above 20% over a 24-hour period. Even Bitcoin’s impressive rise to $71,400, marking 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 hovering around 70, suggesting the asset may be overbought in the near term.
Even though the PEPE price rise has been impressive, a period of reflection or consolidation cannot be ruled out in the coming days.
Low-Cap Memecoin on Ethereum: Galaxy Fox
For those interested in exploring memecoins on the Ethereum network beyond PEPE’s large market cap, Galaxy Fox (GFOX) it might be worth considering. This low-cap coin is up about 20% today, but still maintains a market cap of less than $1 million, according to Data from Dextools.
GFOX completed a very successful crypto presale earlier this year, raising over $6 million. After today’s pump, the current GFOX price stands at $0.00067. What gets attention when it comes to Galaxy Fox is its Web3 Runner utility and game.
The GFOX ecosystem includes the following features:
- Gameplay to win: Players can participate in the game and earn GFOX tokens as a reward for their participation and achievements.
- Staking: Token holders can stake their GFOX tokens to earn passive income streams, incentivizing them to hold and support the ecosystem.
- Token engraving: The GFOX token features a burn mechanism, which reduces the total token supply over time, potentially increasing the value of remaining tokens held by users. The total amount of GFOX tokens is 5 billion, but just over 1 billion are currently in circulation.
Galaxy Fox’s core offering is a Web3 endless running game in which players can earn GFOX tokens based on their performance in the game. The top 20% of players in each season will receive GFOX token rewards.
On May 12, Galaxy Fox announced the launch of the beta testing phase of its web3 runner game. They expressed excitement about inviting members of their community to participate and provide feedback via email invitations.
Galaxy Fox emphasized the value they place on community insights and highlighted these beta tests as an incredible opportunity for users to get an exclusive look at the game, test its features, and offer valuable feedback to improve the overall gaming experience.
Conclusion
To conclude, the positive news from the Ethereum ETF has sparked a rally in the crypto market, especially for projects built on the Ethereum network, such as PEPE and GFOX. Although the rise in PEPE prices has been impressive, a period of reflection or consolidation cannot be ruled out.
For those looking for exposure to low-cap meme coins on Ethereum, Galaxy Fox presents an intriguing option and potentially the next meme coin to explode with its web3 runner game to win and token burning mechanism.
To learn more about GFOX here, visit the Galaxy Fox presale And join the community.
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