The hastening of Ether’s approval for regulated spot ETF trading continues to draw a flood of gains for Ethereum Layer-2 token among retail trader on Internet cryptocurrency exchanges.
Ethereum Name Service tokens (ENS) joined other Ethereum currencies to top the leaderboard for gains on the 7-day window. Ranking #1 for the week among all cryptocurrencies tracked by CoinMarketCap, Ethereum Name Services had gained 78% in the previous 168 hours.
That enormous gain (compare to the S&P 500– which gained negative 0.01% over that time window) was followed up by popular froggy Ethereum meme coin Pepe (PEPE) with 76% gains for the window, and Lido DAO (LDO) with 49% gains for the week, then ERC-20s Uniswap (UNI) and Pendle (PENDLE).
‘The Doge Days Are Over’
The meme coin profits are coming in hot this year– especially with a 2023 Ethereum project that sailed all the way up to the top 20 cryptocurrencies in the world in almost no time at all while declaring the doge days are over. Could that be an early sign that the cats are about to take over the ecosystem and make another class-leading bid for the top of the charts?
The outstanding success of PopCat in quarter one of 2024 and the sudden appearance of an Ethereum country feline with nearly $350,000 added to his pool in a matter of days in quarter two could portend a cat season in meme altcoins is right around the corner. If so, those tokens going for a presale price of $0.0042256 could appreciate in value on the open market.
A big launch for Kai Cat Coin (KAI) sometime late this year or in 2025– if it in any way, shape, or form follows the progression of new currencies like PopCat or Pepe Coin— could help cryptocurrency investors come up with revenues to accumulate Bitcoin faster– before the banks and governments take Bitcoin’s price out past Earth orbit.
The incredibly compelling investor narratives for Ethereum for the remainder of this blockchain industry cycle make that an exciting prospect. The Dencun upgrade and the imminent welcoming of the Ethereum product into the regulated halls of Wall Street funds are drawing serious interest in sizable long-term Ethereum investments from all over the world.
Ethereum’s Regulated Market Premiere
Matthew Sigel, head of digital assets research at VanEck, wrote, “We applaud this decision, as we believe the evidence clearly shows that ETH is a decentralized commodity, not a security. We expect the improved political backdrop will lead to further victories for digital asset investors and developers.”
Rob Marrocco, global head of ETP listings at Cboe Global Markets said, “The introduction of spot bitcoin ETFs has already demonstrated significant benefits for the digital assets and ETF space, and we believe that spot ether ETFs will similarly provide safeguards for U.S. investors.”
As Ethereum’s capital inflows continue to amass, returns on investment comparable to the base Ether token’s early days have only been obtainable with new projects that find success.
Utility and meme liquidity tokens provide investors with those kinds of opportunities and a strategy to trade a bullish Ethereum forecast with leverage for great gains during rallies, but without taking some of the risks that go with call options or other ETH derivatives products.
