Disclosure: This text doesn’t characterize funding recommendation. The content material and supplies featured on this web page are for academic functions solely.
Pepe worth surges on constructive Ethereum ETF information, whereas Galaxy Fox (GFOX) positive aspects traction as a low-cap memecoin on Ethereum.
The crypto market skilled a growth firstly of this week, fueled by constructive Ethereum ETF information. Based on Bloomberg ETF analysts, the percentages of a spot Ethereum ETF approval have increased from 25% to 75%.
This information sparked a frenzy within the altcoin market, notably for these tasks constructed on the Ethereum community, such because the PEPE meme coin. Let’s delve into the small print and discover one low-cap meme coin on Ethereum.
PEPE memecoin worth surges on constructive ETH ETF information
Final week, the PEPE worth hit a brand new all-time excessive, breaking by the $0.000011 space and reaching a $4 billion market cap. Following this surge, PEPE entered a correction part, buying and selling beneath the $0.00001 degree for a couple of days.
Nevertheless, within the wake of yesterday’s constructive information, PEPE skilled one other pump, climbing again across the $0.000011 mark, as soon as once more buying and selling close to its all-time excessive zone. The present market cap now stands at a powerful $4.6 billion.
PEPE outperformed other top meme coins immediately, corresponding to SHIB, DOGE, and FLOKI, whose costs additionally pumped – albeit extra modestly, starting from 6% to eight%.
Santiment reported that the thrill surrounding the potential approval of Ethereum’s first spot ETF has acted as a catalyst, propelling the crypto market into certainly one of its high 5 days in 2024.
Remarkably, Ethereum (ETH), Uniswap (UNI), PEPE, Bonk (BONK), and Lido DAO (LDO) have all skilled positive aspects exceeding 20% inside a 24-hour interval. Even Bitcoin’s spectacular surge to $71,400, marking its highest degree in six weeks, has been overshadowed by the fervor surrounding the Ethereum ETF information.
From a technical evaluation perspective, the MACD sign line for PEPE is at present beneath the MACD line, indicating a possible bearish sign. The Relative Power Index (RSI) is round 70, suggesting that the asset could also be overbought within the quick time period.
Whereas PEPE’s worth surge has been spectacular, a cooling-off interval or consolidation can’t be dominated out within the upcoming days.
Low-cap memecoin on Ethereum: Galaxy Fox
For these fascinated about exploring memecoins on the Ethereum community past PEPE’s sizable market cap, Galaxy Fox (GFOX) is perhaps price contemplating. This low-cap meme coin pumped round 20% immediately however nonetheless maintains a market cap decrease than $1 million, in line with Dextools’ data.
GFOX had a extremely fruitful crypto presale earlier this yr, elevating over $6 million. Following immediately’s pump, the present GFOX worth stands at $0.00067. What’s catching consideration in relation to Galaxy Fox is its utility and its web3 runner recreation.
The GFOX ecosystem consists of the next options:
- Play-to-earn gameplay: Gamers can have interaction in gameplay and earn GFOX tokens as rewards for his or her participation and achievements.
- Staking: Token holders can stake their GFOX tokens to earn passive earnings streams, offering an incentive for holding and supporting the ecosystem.
- Token burning: The GFOX token has a burning mechanism in place, which reduces the whole provide of tokens over time, doubtlessly growing the worth of the remaining tokens held by customers. The whole quantity of GFOX tokens is 5 billion, however barely over 1 billion is at present in circulation.
The core providing of Galaxy Fox is a web3 limitless runner recreation the place gamers can earn GFOX tokens primarily based on their in-game efficiency. The highest 20% of gamers every season will obtain GFOX token rewards.
On 12 Might, Galaxy Fox introduced the launch of the beta testing part for his or her web3 runner recreation. They expressed pleasure about inviting members of their neighborhood to take part and supply suggestions by way of e-mail invites.
Galaxy Fox emphasised the worth they place on neighborhood insights and highlighted this beta testing as an unbelievable alternative for customers to get an unique early have a look at the sport, check its options, and provide useful suggestions to boost the general gaming expertise.
Conclusion
To wrap it up, the constructive Ethereum ETF information has ignited a rally within the crypto market, notably for tasks constructed on the Ethereum community, corresponding to PEPE and GFOX. Whereas PEPE’s worth surge has been spectacular, a cooling-off interval or consolidation can’t be dominated out.
For these in search of publicity to low-cap meme cash on Ethereum, Galaxy Fox presents an intriguing possibility and doubtlessly the following meme coin to blow up with its play-to-earn web3 runner recreation and token-burning mechanism.
To be taught extra about GFOX right here, visit Galaxy Fox presale and join the community.
Disclosure: This content material is offered by a 3rd get together. crypto.information doesn’t endorse any product talked about on this web page. Customers should do their very own analysis earlier than taking any actions associated to the corporate.
