The US authorities have officially approved an ETF on Ethereum.
Spot funds for ETH may be launched very soon. The U.S. Securities and Exchange Commission has reviewed a number of applications submitted by major firms, including Grayscale and ProShares.
Trading can only begin once the SEC approves another document – S-1. Without it, registering an ETH-ETF will not be possible. Nevertheless, approval for listing derivatives on the NYSE Arca platform has been obtained.
The first of the mentioned companies has already expressed its desire to convert its old fund, thereby reducing capital outflow. Instead of a trust fund, it will have its own ETF instrument. Experts believe that launching an ETF for ETH will strengthen the bullish trend and push the coin towards $5,000.
Which cryptocurrencies may rise in response to Ethereum ETF approval?
The launch of spot ETF funds leads to a significant influx of capital from institutional investors, such as various pension funds. This, in turn, will become a powerful driver for Ethereum. The coin will start to increase in price, followed by other tokens in the market.
Experts suggest that due to increased volatility, meme coins will be the first to react to the rising price of Ethereum. They have every chance to significantly increase in value, especially against the backdrop of the bull run that is gradually unfolding in the market. This means that investors could achieve substantial profits.
According to information on CoinMarketCap, many assets are already starting to rise rapidly today. For example, the widely known Dogecoin ($DOGE) has risen by 10% over the past week. It is surpassed by Pepe ($PEPE), which has increased by 27.2% during the same period. DogWifHat showed a growth of 47% over 7 days, while ANDY ($ANDY) nearly doubled, increasing by almost 100%.
The high volatility of meme projects has attracted interest not only from analysts but also from developers. The latter have created Meme Games – a gaming platform where users can earn new and promising cryptocurrency based on the fluctuations in meme coin prices.
The presale of $MGMES has lasted less than a week, but during this time, the asset has raised nearly $150,000, with its current price at $0.009.
Essentially, Meme Games is like the real "Olympic Games," but for digital assets. Promising cryptocurrencies compete against each other, and the token that emerges as a leader can reward users.
To participate in the competition, one must choose a favorite meme and vote for it. In case of victory, the player will receive 25% bonuses from the amount spent on purchasing $MGMES.
The new project generates excitement among crypto market participants also due to its staking conditions. Investors who buy coins at the earliest stages of the sale have a chance to receive the highest APY. Currently, it stands at 2,202%. The longer the presale goes on, the lower this figure will drop. Therefore, it is advantageous to buy and lock tokens today.
A total of 10 stages of presale are planned for the project. At each stage, the coin will increase in price by 10% until it reaches $0.00945. After that, a listing is expected.
Conclusion
First Bitcoin, now Ethereum – the crypto market is being replenished with new spot exchange-traded funds. This reduces the number of crypto skeptics, and the digital money market is increasingly resembling the traditional stock market. Major players are adding capital and value to it, but they are also reducing volatility through large volumes of capital.
This means that investors will need to be more selective in choosing projects that can yield high returns. They should consider projects like Meme Games or derivatives of popular meme coins to achieve good results.