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The hottest coins for the next few days
This week in the cryptocurrency market is characterized by critical events and strategic developments that promise to significantly influence investor trends and sentiment. Here is an in-depth analysis of the most anticipated cryptocurrencies and their next milestones.
The deadline for the #1 Spot Ethereum ETF in the United States is approaching
It faces the US Securities and Exchange Commission (SEC). crucial deadlines on May 23 and 24 regarding the approval of spot ETFs on Ethereum proposed by VanEck and ArkInvest/21Shares respectively.
The probability of approval this month has significantly decreased. Eric Balchunas, Bloomberg ETF analyst described the odds are “slim to none,” pointing to SEC silence as the leading indicator. However, last week, Coinbase released a new report, stating that the approval of a spot Ethereum ETF in the United States is a question of “when, not if.”
They argue that the logic used to approve Bitcoin spot ETFs, namely the high correlation between CME futures and spot exchange rates, should also apply to Ethereum. Therefore, they estimate the chances are much higher, around 30-40%.
The SEC’s decisions on these applications will be crucial, potentially opening the door to broader institutional adoption and new investment products tied to Ethereum.
#2 AI Crypto Coins
This week, two significant events could impact the trajectory of AI-related crypto projects. First, NVIDIA’s Q1 2024 earnings report, scheduled for release on May 22, is highly anticipated. NVIDIA performance and the prospects can have a significant impact on AI-related crypto projects. Strong earnings and positive guidance could boost investor confidence in AI-based crypto projects.
Secondly, the Artificial Super Intelligence Alliance (ASI) will officially launch on May 24, marking the merger of Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). This merger aims to create the highest value decentralized AI crypto project. The consolidation into a unified ASI token is designed to simplify operations, incentivize collaboration, and foster a stronger, more cohesive community.
The ASI token will bring together the resources and technological capabilities of FET, AGIX and OCEAN, with the aim of establishing a dominant position in the decentralized artificial intelligence market. The performance of the ASI token post-launch will be critical, as it will reflect the market’s reception to this ambitious merger.
#3 Fantom rebranding
Fantom (FTM) is undergoing a transformative rebranding initiative, with a proposal to launch a new token, S. This rebranding effort includes renaming the Fantom network to Sonic and migrating FTM tokens to the new S tokens on a 1:1 basis.
The rebranding includes the launch of Sonic Network, a new layer 1 blockchain with a native layer 2 bridge to Ethereum. This new network aims to leverage advanced technology to significantly improve performance compared to the existing Opera network. The Fantom Foundation has allocated hundreds of millions of FTM from its treasury to support ecosystem development for Sonic, including marketing, business development, migration grants and other adoption initiatives.
Fantom Operations Ltd will continue to support the Opera network, while Sonic Operations Ltd will focus on Sonic Network. This dual-media system provides continuity for current users while promoting migration to the new, more efficient Sonic Network.
Users will initially be able to exchange their FTM tokens for S tokens at a 1:1 ratio, with the migration process expected to initially be two-way, allowing for flexibility. Over time, this transition is expected to become a one-way migration.
#4 Solana V1.18
Solana is preparing for a significant update. Scheduled for release on May 27, Solana mainnet update v1.18 aims to fix the issue network congestion problemswhich were triggered by spam transactions and increased memecoin activity.
This update is crucial as it aims to improve the efficiency and scalability of the network. Congestion earlier this year, caused primarily by bots prioritizing their transactions and a dramatic increase in transactions associated with newly released meme coins, created extraordinary demand for block space, preventing access to many users.
The Solana community eagerly awaits this update. A successful implementation could significantly improve user experience, mitigate congestion issues, and restore confidence in Solana’s ability to handle high transaction volumes.
This could attract more users and developers to the platform, further strengthening SOL’s price, which has risen 22% over the past seven days.
#5 FLOKI Ad
FLOKI, a meme coin inspired by Elon Musk’s pet Shiba Inu, has attracted considerable interest with a cryptic announcement. On May 4, FLOKI’s official Twitter account teased a major announcement for May 27, stating: “[…] And with FLOKI set to make a major announcement later this month, the excitement is far from over!”
While details remain under wraps, the anticipation is poised to spark speculation and an increase in trading activity. Speculative announcements like this often lead to increased price volatility and trading volumes. Traders and investors will be eager to see if the announcement maintains the momentum and has a positive impact on FLOKI’s price.
Featured image created with DALL·E, chart from TradingView.com