In a dramatic turn for the Bitcoin mining industry, a big drop in Bitcoin’s mining difficulty has paved the way for lower-cost miners to grab a larger market pie. This significant shift, the most substantial since the crypto winter of 2022, is reshaping the competitive landscape and highlighting the critical role of operational efficiency in the mining sector.

A recent report from brokerage firm Bernstein delves into this fascinating trend, exploring how key players leverage these changes and the implications for the broader cryptocurrency market.

Bitcoin Mining Difficulty Plummets

Bitcoin mining difficulty, a measure of how hard it is to mine new Bitcoins, recently experienced a noteworthy 6% decline. This significant drop indicates miners need fewer computational resources to mine new Bitcoin, which has wide-ranging effects across the mining sector.

According to data, Bitcoin mining difficulty declined 6% on May 10, from 88.1 trillion hashes to 83.15 trillion hashes. This is the most significant percentage decrease since July 2021, when it fell by 28% to 14.36 trillion hashes. The mining difficulty metric adjusts automatically to accommodate fluctuations in the Bitcoin network’s total computing power.

One of the most striking outcomes of the decline in mining difficulty is the surge in market share for lower-cost miners. Bernstein’s report highlights how miners with lower operational costs have rapidly expanded their presence since the Bitcoin halving event.

Last month, Bitcoin went through its fourth halving event. This occurrence, which happens roughly every four years, slashed the rewards miners receive for processing new blocks on the network by half, from 6.25 BTC to 3.125 BTC per block.

Bitcoin miners, who create new coins and ensure the network runs smoothly by processing transactions, now face a tougher challenge to stay profitable. Reduced rewards and increased mining difficulty have led many miners to shut down their operations.

Impact on Mining Giants

Mining giants like Riot Platforms (RIOT) and CleanSpark (CLSK) have emerged as frontrunners due to the decline in mining difficulty. These companies, known for their streamlined operations and robust financial positions, have witnessed a surge in market share as higher-cost competitors struggle to stay afloat.

Bernstein’s analysis suggests that these companies are poised to capitalize on the evolving dynamics of the Bitcoin mining sector.

Despite recent challenges, Bernstein remains bullish about the future of Bitcoin mining. The firm predicts that Bitcoin’s price will remain steady in the short term but anticipates an upward surge once spot exchange-traded funds (ETFs) attract more attention from institutional investors.

This forecast indicates promising investment opportunities in Bitcoin mining firms, particularly those with efficient operations and solid financial footing.

Despite this bearish turn, key metrics for SHIB show resilience, painting a more nuanced picture of the market. The broader crypto market has been under intense selling pressure, leading to considerable liquidations. Like many other assets, Shiba Inu has felt the brunt of this trend.

Long traders, those betting on the token’s future growth, accounted for the larger portion of liquidations at $3.45 million. Short traders speculated on price declines and saw significant liquidations totaling $186,400.

Shiba Inu Price and Recovery Attempt

The recent price drop in Shiba Inu has derailed its recovery attempt, with the token currently trading at $0.00002453. Despite these challenges, the token has managed to maintain support at the $0.000023 price level. However, the outlook for overcoming headwinds remains uncertain.

Amid the market turmoil, some key metrics for Shiba Inu are showing strength. Large transaction counts, specifically those worth $100,000 or more, have seen a significant increase.

According to IntoTheBlock (ITB) data, these large transactions have surged by as much as 276.29% in the past 24 hours, amounting to $212.56 million. This uptick in large transactions indicates continued interest and activity in SHIB despite the current bearish sentiment.

The number of transactions on the Shiba Inu network has increased by 5.62%, rising to 5,750 from 5,200 as of April 10. The trading volume has surged by $167.03 in the past 24 hours, reaching $1,199,915,774. This increase indicates growing interest from traders in the asset.

The contrasting trends in SHIB’s key metrics paint a complex picture of its market dynamics. While the token has faced substantial liquidations and price declines, the resilience in key metrics like large transactions suggests underlying strength. The future trajectory of SHIB remains uncertain, with market participants closely watching for signs of a potential turnaround.

In the wake of recent market fluctuations, the Shiba Inu (SHIB) token shows strong signs of gearing up for a mega rally fueled by bullish indicators and significant fundamental developments.

Despite its origins as a meme token, SHIB has established itself with a vibrant community and now stands resilient in the face of market volatility. Despite low trading activity and the absence of whale transactions exceeding $1 million, SHIB rebounded strongly from a robust yearly support level last month. This resilience has encouraged the community, with analysts predicting upside potential for the cryptocurrency to hit the highly coveted $0.001 price level.

On Monday, renowned crypto analyst Ali Martinez offered insights into SHIB’s potential trajectory, suggesting, “If Shiba Inu breaks the upper boundary of this descending parallel channel at $0.00002444, $SHIB could witness a 20% upswing to $0.00002954.”

Martinez’s optimistic forecast builds upon his earlier analysis from May 1st, where he identified the formation of a bullish flag pattern for SHIB.

Elsewhere, analyst “LingridTrader” highlighted a double bottom formation at a crucial support level, signaling a potential trend reversal. Furthermore, according to the analyst, a triangle formation on the daily chart suggests a classic trend continuation pattern, hinting at an impending breakout. “This pattern indicates a price squeeze, where the market is building up energy for a breakout,” she noted earlier on Monday.

In anticipation of this movement, “Lingrid” revealed expectations of a temporary pullback towards the support level before the resumption of upward momentum, with a target set at the resistance zone at 0.00002440.

That said, SHIB’s fundamental landscape also remains promising. Last week, leading institution Nexo reaffirmed its support for SHIB, highlighting its evolution from a joke meme coin to a symbol of communal strength since its inception in August 2020. MarketVector, a subsidiary of the US asset management giant VanEck, also launched a new index, MEMECOIN, which includes SHIB, among other popular meme tokens.

These developments point to increasing interest by big investors in SHIB. Over $13 billion has been invested in SHIB, propelling its market capitalization to 11th place, just behind Cardano.

Solana has emerged as a frontrunner in the competitive landscape of blockchain technology, surpassing established giants like Ethereum and Bitcoin in daily average transactions per second (TPS).

Solana’s impressive performance showcases its technological superiority and growing prominence in the cryptocurrency sphere.

Solana’s daily average TPS of 1,053 outshines Ethereum’s 22.8 TPS and Bitcoin’s 10.7 TPS, underscoring its efficiency and scalability. This significant lead positions Solana as the fastest blockchain network currently available, setting a new standard for transaction processing speed in the industry.

Solana isn’t even designed for maximum throughput. It’s designed to synchronize state to as many boxes around the world as fast as physics allow. https://t.co/lTfDJuG6mp

— toly | bip-420 (@aeyakovenko) May 17, 2024

The recent analysis follows a string of congestion problems that affected the Solana network in April. As a result, the value of SOL dropped below $150 after briefly approaching $200 earlier in the month. To address these issues, the Solana team promptly introduced several updates.

Solana Beats Ehereum and its L2 Solution Polygon

According to CoinGecko’s recent analysis, Solana has firmly established itself as the fastest blockchain, with a remarkable daily average transactions per second (TPS) record of 1,504, achieved on April 6.

This achievement puts Solana leagues ahead of Ethereum, which only manages 22.8 TPS, and even Polygon, the fastest among Ethereum scaling solutions, at 190 TPS. Despite this impressive lead, Solana has only tapped into a fraction of its potential, reaching just 1.6% of its theoretical maximum speed of 65,000 TPS.

Sui is the second-fastest blockchain, following Solana, boasting a peak speed of 854 TPS, largely driven by the popularity of the on-chain game Sui 8192, behind Sui, BSC, Polygon, and TON clock in at 378 TPS, 190 TPS, and 175 TPS, respectively.

Meme Craze Drives and Technological Advancements

Solana’s speed surge was partly fueled by the memecoin frenzy that swept the network in April, showcasing its ability to handle significant transaction volumes. This performance cements Solana’s status as a frontrunner in the blockchain industry and highlights its potential for continued growth and innovation.

Over 1 million new crypto tokens have been launched since April 2024. Nearly half of the one million new tokens launched since April 1 have been memecoins created on the Solana network. pic.twitter.com/VP1n21hRAd

— Jason A. Williams (@GoingParabolic) May 18, 2024

Solana’s success can also be attributed to its innovative approach to blockchain architecture. The platform leverages unique features, including its proof of history (PoH) timestamp mechanism, efficient block propagation protocol Turbine, and parallel transaction processing capabilities. These features enable Solana to achieve unparalleled speed and efficiency, making it an attractive choice for developers and users.

Meanwhile, the analysis indicated that, on average, non-EVM blockchains have demonstrated nearly four times the speed of EVM-compatible chains. The eight non-EVM networks achieved an average peak TPS of 284.

The report highlights that almost all leading blockchains have set new records for real transactions per second (TPS) over the past year, with 24 out of 25 platforms reaching their peak TPS levels within this timeframe. The growing interest in meme coins and inscription-based transactions primarily drives this surge in activity. As blockchain technology advances, platforms such as Solana and Sui are continuously pushing transaction speed limits.

Bitcoin’s ongoing bull cycle has brought about a resurgence of ancient whales—entities holding Bitcoin untouched since the cryptocurrency’s early days. These long-dormant whales, known as Satoshi-era whales, are reawakening, leading to a notable increase in on-chain activity.

This resurgence of ancient Bitcoin whales presents a fascinating trend in the current market cycle. It indicates a notable uptick in activity among old BTC holdings and potentially signals shifts in the broader cryptocurrency landscape.

Ancient Whales Reawakens

The reactivation of ancient Bitcoin whales has reached unprecedented levels in this market cycle. According to Julio Moreno, head of research at CryptoQuant, the 10+ year-old Bitcoin spending indicator soared to a record high of 3.7% in March when Bitcoin neared $70,000.

This cycle has awaken more Bitcoin OG's than ever.10+ year-old #Bitcoin spending reached a record high of 3.7% in March, when Bitcoin was at $70K. Right now is at 2.5%.The % is the 30-day cumulative spending annualized of Bitcoin with more than 10 years-old. pic.twitter.com/p826rX3tXQ

— Julio Moreno (@jjcmoreno) May 24, 2024

Currently, this indicator stands at 2.5%, representing the 30-day cumulative spending annualized of Bitcoin held for more than a decade. This uptick signals a notable resurgence of these early adopters.

Highlighting this trend, an early Bitcoin miner from the Satoshi era recently moved 2,000 BTC, mined in 2010. This move, totaling approximately $138 million at current prices, has caught the attention of market analysts and cryptocurrency enthusiasts alike. 

Market Implications of Whale Activity

Bitcoin mined in the early years, particularly between 2009 and 2011, holds a special place in Bitcoin’s history, representing its foundational era.

Transactions involving these coins are infrequent but tend to garner significant attention. This is largely because old Bitcoin miners, who hold these coins, play a crucial role as a source of liquidity and distribution in the market.

Some analysts view the reactivation of these wallets as a sign of market maturity, reflecting increased confidence among early adopters. Others, however, are more cautious, interpreting these moves as potential precursors to market cooling or major price adjustments.

Statistical data provides deeper insights into this phenomenon. The 3.7% record high of the 10+-year-old Bitcoin spending indicator in March was a notable increase from previous cycles.

Comparatively, the indicator hovered around 1.5% during the 2017 bull run. The 2.5% level is still significantly above historical averages, suggesting sustained activity among long-term holders.

Historically, the movement of ancient coins has often preceded significant market events. For instance, in 2020, the reactivation of a wallet containing 50 BTC mined in February 2009 coincided with increased market volatility. Such moves are closely monitored as they can influence market sentiment and trading behavior.

What Does it Mean for the BTC Market?

The cryptocurrency community and market analysts are closely monitoring the reactivation of these ancient addresses. While some see it as a natural progression as Bitcoin matures as an asset class, others are wary of its implications.

The resurgence of previously inactive Bitcoin wallets profoundly influences BTC’s market trends. Typically, Bitcoin’s movement from these dormant wallets coincides with bullish market conditions, indicating owners’ attempts to maximize profits.

However, when significant amounts of Bitcoin are sold off at once, it creates a “sell wall” effect, leading to heightened volatility and market instability. This sudden sell-off can catch small-scale traders off guard, resulting in unforeseen losses.

At the time of writing, Bitcoin is up 0.54% in the last 24 hours, trading at $69,097, extending its rebound from May 23 lows of $66,259. 

Bitcoin is struggling to restart its long-term bull market, but one analyst believes we are only days away before another all-time high of $80k is achieved. BitQuant, the technical influencer in question, doesn’t stop at that and believes that there is a good chance the crypto asset will reach as high as $95k in a month.

Several updates for those here to build generational wealth and not involved in day trading:1. Yes, #Bitcoin is going to $95K.2. Yes, $95K will extend to June, but the sharp decline from this local top will also occur in June, so the overall timeline for this local top hasn’t… pic.twitter.com/VFvMweBVbs

— BitQuant (@BitQua) May 22, 2024

Upon closer scrutiny of the tweet, the analyst admits that the cryptocurrency may record a price correction after going close to the coveted $100k figure in June. At the end of the tweet, he conveniently states that he doesn’t trade local tops, so he won’t be selling his Bitcoin next month even if he records this considerable price gain.

What do Other Analysts Say?

BitQuant is part of a group of Bitcoin proponents on X who believe a healthy price rally is imminent in the coming weeks. However, not all analysts share this rosy picture; some even call for BTC to struggle for a short while before resuming the long-term bull market. Michael Von de Poppe, a more popular crypto trader, believes BTC may remain within $67.5k-$68k. He even called on the market to register short-term price corrections followed by rebounds in the near future. 

Others, including Willy Woo, are less clear about their predictions for June. However, Woo tweeted that it was “only a matter of time before BTC recorded a new All-Time High above $73k.

While everyone was freaking out that #Bitcoin price was not rising the last 2 months, available BTC was quietly being scooped up, and importantly without paper BTC printed in its place.Last time I'll say it… It's only a matter of time before BTC squeezes past all-time-highs. https://t.co/j2FJs7bSpc pic.twitter.com/HoPSSJfHqz

— Willy Woo (@woonomic) May 22, 2024

So, a move at least to $80k is not being ruled out by any crypto analyst right now, but BitQuant’s prediction of $95k within weeks is on the overly optimistic spectrum.

Bitcoin has officially left the post-halving “danger zone” where there is a possibility of a drop below its range low, and is now headed for reaccumulation, according to a popular crypto strategist citing historical data. 

The Bitcoin price recently experienced a retracement and currently hovers around $69,000 despite the U.S. Securities and Exchange Commission’s (SEC) eventual approval of several spot Ethereum exchange-traded funds (ETFs). With Bitcoin escaping the danger zone, will the preeminent crypto resume its upward movement soon, or is a deeper correction still likely?

Bitcoin’s Sideways Trading To Continue For Several More Weeks: Analyst

On May 24, crypto trader and analyst Rekt Capital posted an update on X, noting that the classic Bitcoin “danger zone” when the asset corrects after the quadrennial halving event is now behind us.

The post-halving danger zone has happened in prior market cycles when the asset corrects after a block subsidy halving, as per Rekt Capital. After the danger zone is over, Bitcoin historically enters a reaccumulation phase when it moves sideways within a tight range. This suggests that further pullbacks during the period of sideways chop that often follows the halving could still be on the cards.

“Since the Bitcoin post-halving ‘danger zone’ ended, Bitcoin broke out to $71,500. However, ~$71,500 is where the range high resistance of the macro re-accumulation range is and this is where Bitcoin rejected from,” Rekt Capital wrote. “The consolidation continues and history suggests it will continue for several more weeks between $60,000 and $70,000.”

Rekt Capital further observed that based on historical behavior, Bitcoin is likely to remain range-bound below $70,000 until September.

“Historically, Bitcoin has always rejected from the range high on the first attempt at a breakout after the halving. Moreover, history suggests this re-accumulation should last much longer. Bitcoin tends to break out from these re-accumulation ranges only up to 160 days after the halving. That would translate to a Bitcoin breakout from the re-accumulation range only in September 2024.” 

Bitcoin Price At A Glance

In this cycle, Bitcoin dipped by over 20% from its $73,737 all-time high in mid-March to around $56,780 on May 1, marking the potential bottom of the post-halving danger zone period. 

On May 21, Bitcoin’s price briefly topped the psychologically important $70K mark; however, it swiftly dropped to around $67,000. BTC has now recovered and is trading back to $69,176 at press time, bolstering the return to the reaccumulation zone analysis.

Although the flagship crypto appears stuck in sideways price action, industry pundits remain uber-bullish. For instance, veteran crypto market commentator Tom Lee said his base case for Bitcoin by the end of the year is $150,000.

Shiba Inu, the self-proclaimed “Dogecoin Killer,” has witnessed a staggering 550% surge in its burn rate, with 12 million SHIB tokens incinerated in the past 24 hours. This surge comes from a teasing post on X from the cryptocurrency’s enigmatic founder, Shytoshi Kusama, hinting at the possibility of a Shiba Inu ETF.

The burn rate spike, as reported by Shibburn, is a significant development for Shiba Inu. This metric represents the rate at which tokens are permanently removed from circulation, effectively reducing the total supply and potentially impacting the token’s value.

The 12.3 million SHIB tokens burned in the past day mark a substantial increase, indicating heightened activity within the Shiba Inu ecosystem.

Shytoshi Kusama Teases SHIB ETF Potential

Adding to the excitement, Shytoshi Kusama, the elusive founder of Shiba Inu, took to X (formerly Twitter) to congratulate “Ethereum friends” following the SEC’s approval of a spot Ethereum ETF on Friday. In a tantalizing twist, Kusama hinted at the possibility of a similar ETF for SHIB, stating, “Does this pave the way for SHIB? I’ll let you decide… I’ll stay focused on what we have coming. STAYTUNED.”

Congrats to our frens at @ethereum on the ETF APPROVAL! Does this pave the way for #SHIB? I'll let you decide… I'll stay focused on what we have coming. #STAYTUNED

— Shytoshi Kusama (@ShytoshiKusama) May 23, 2024

This cryptic message has set tongues wagging within the Shiba Inu community, fueling speculation about the token’s prospects.

Coinbase Listing Boosts Liquidity and Market Depth

In another positive development for Shiba Inu, Coinbase, the largest exchange in the United States, announced the upcoming listing of perpetual futures for SHIB on Coinbase Advanced, alongside Floki Inu and Bonk. Scheduled to go live on May 30, this listing is expected to enhance liquidity and market depth for SHIB, potentially attracting more investors and improving price discovery mechanisms.

@CoinbaseIntExch will add support for Bonk, FLOKI, and Shiba Inu perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP markets will begin on or after 9:30am UTC 30 MAY 2024. $BONK $FLOKI $SHIB pic.twitter.com/TNNAFEjtHH

— Coinbase International Exchange (@CoinbaseIntExch) May 23, 2024

Additionally, Shiba Inu’s ecosystem has seen further developments with the integration of ShibaSwap’s governance token, BONE, into Precipitate AI. This integration allows users to pay for Precipitate AI’s services using BONE, increasing flexibility and potentially boosting demand for the token.

However, amid these positive developments, the community also mourns the passing of Kabosu, the Shiba Inu dog who was not only a mascot for Shiba Inu but also represented Dogecoin and Floki.

Kabosu’s owner shared the news of her passing through a heartfelt poem on her blog. “She quietly passed away as if asleep while I caressed her,” Atsuko Sato wrote, according to BBC News.

Kabosu had been battling leukemia and liver disease, and she passed away on Friday, May 24, as reported by the outlet.

Her passing marks the end of an era and has elicited heartfelt tributes from celebrities, investors, and the cryptocurrency community at large.

Kabosu, the Doge meme dog, passed away this morning. She was 19. The doge that inspired millions to Do Only Good Everyday pic.twitter.com/XIMr4RM1gb

— DogeDesigner (@cb_doge) May 24, 2024

Price Action

Despite these positive developments, SHIB’s price has experienced a slight downturn. At the time of writing, it was trading at $0.0000248, down 1.76% over the past 24 hours. However, sentiment within the Shiba Inu community remains optimistic, with many eagerly awaiting further updates and announcements from the project’s founders and developers.

Bitcoin (BTC) has continued its volatility trend, with recent fluctuations heightening the attention of seasoned investors on its next likely trajectory. Notably, the top crypto asset’s price has been consolidating its gains in the past few weeks, hovering around the $68,000 mark after reaching an all-time high above $73,000 in March.

Meanwhile, amidst the ongoing pullback, Bitcoin whales have embarked on a buying spree, acquiring a staggering 20,000 BTC in just 24 hours, according to insights shared by crypto analyst Ali Martinez.

The significant purchase, totaling approximately $1.34 billion at current market rates, occurred as Bitcoin prices dipped below the $67,000 mark. This sudden surge in whale activity suggests a renewed confidence in Bitcoin’s long-term potential despite short-term market fluctuations.

Martinez’s revelation comes just after crypto analytics firm IntoTheBlock revealed that addresses holding between 1,000 and 10,000 BTC have been the primary accumulators during Bitcoin’s recent surge to $70,000. On Thursday, the firm noted that these addresses added 20,000 BTC ($1.4 billion) to their balances over the past seven days, further solidifying Bitcoin’s position as a preferred asset among institutional and large-scale investors.

Other analysts have also closely monitored Bitcoin’s price movements and market dynamics. Glassnode, a leading on-chain data provider, highlighted a notable decline in Bitcoin Long-Term Holder (LTH) supply leading up to the cryptocurrency’s all-time high (ATH) of over $73,000 in March 2024. However, this distribution pressure has eased off in recent weeks, signaling a shift in market sentiment favoring bullish tendencies.

Adding to the bullish sentiment, cryptocurrency analyst “Gaah” from CryptoQuant highlighted the Puell Multiple, a metric used to gauge Bitcoin miner profitability following halving events. The recent decline in the Puell Multiple indicates a potential market adjustment to increased scarcity, potentially paving the way for a future rally in Bitcoin prices.

“The reduction in miners’ daily revenue indicates that mining has become less profitable, unless the price of Bitcoin increases significantly. The current range in which the Puell Multiple is quoted confirms Price discount, meaning that the network is potentially cheap. The decrease in the supply of new bitcoins could create upward pressure on the price, especially if demand continues to grow. Investors may interpret the fall in the Puell Multiple as a sign that the market is adjusting to a new phase of scarcity, potentially preparing for a rally.” The pundit noted.

Despite market uncertainties, Bitcoin appears to be encountering minimal resistance as it hovers around key support levels. Data from IntoTheBlock suggests that the cryptocurrency faces a crucial supply zone between $70,180 and $70,600, where over 450,000 addresses acquired 273,000 BTC. This accumulation by retail investors further reinforces the bullish outlook for Bitcoin in the near term.

According to CoinMarketCap data, BTC was trading at $69,173 at press time, reflecting a 2.72% price surge over the past 24 hours.

The price of Dogecoin (DOGE) spiked today after the meme coin’s most prominent evangelist, Elon Musk, tweeted about the passing of Kabosu — the Shiba Inu pup whose quizzical expression became synonymous with Dogecoin and the wider meme culture.

Elon Musk Mourns Internet Sensation Kabosu

As ZyCrypto reported earlier, Kabosu passed away on May 24 at age 18. Her owner, Atsuko Sato, revealed in a blog post that the internet-famous Shiba Inu dog had “crossed the rainbow bridge” peacefully. The Shiba Inu dog not only served as a mascot for Dogecoin, Shiba Inu, and countless other dog-themed cryptocurrencies but also became a symbol of the fun and cheerful spirit of the cryptoverse.

Tesla/SpaceX CEO Elon Musk paid tribute to Kabosu in a post on his X social media platform. The eccentric technopreneur shared a picture showing the Harambe gorilla with angel wings hugging the beloved dog among clouds that radiate an ethereal radiance, as can be seen here.

pic.twitter.com/HAhqxoTcvi

— Elon Musk (@elonmusk) May 24, 2024

Harambe, the lowland gorilla, was killed in 2016 at the Cincinnati Zoo after he grabbed and dragged a little boy who climbed into his enclosure. Harambe also quickly inspired memes and an online movement after his death.

Bullish DOGE Reaction

DOGE rocketed as much as 7.7% to an intraday high of $0.17 in the span of minutes after Musk’s tribute post. The OG meme coin had pared some of its gains at press time, to change hands at $0.1649.

The rollercoaster price action spotlights the market-moving power Musk has over DOGE. In March, for instance, the DOGE price surged after the self-proclaimed Dogefather suggested that Tesla would, in the future, allow customers to purchase its electric vehicles with the leading meme coin. DOGE fans have also speculated on the possibility of Musk incorporating the token into an X payment system following his positive comments on various occasions.

Launched in December 2013 as a mere joke, Dogecoin remains the oldest and largest meme coin, with a market capitalization of $24.2 billion. But despite the latest price gains, Dogecoin remains down 77.5% from its historic peak of $0.73 set in May 2021.

Now that the Securities and Exchange Commission (SEC) has finally given the go-ahead to spot Ethereum exchange-traded funds (ETFs), the regulator might also greenlight other crypto ETFs.

According to British multi-national bank Standard Chartered, Ripple’s XRP and Solana (SOL) could emerge as the next crypto ETF frontiers after ether.

SOL, XRP ETFs “Likely A 2025 Story”

Standard Chartered thinks Solana or XRP could be the next contenders after the U.S. Securities and Exchange Commission approved key forms 19b-4 filed by prospective issuers. However, the British banking giant said they don’t believe these SOL and XRP products will happen in 2024.

“For other coins (eg. SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one,” Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered noted. “For now, bitcoin and ether dominance will rise, with selective “next in line” winners as well.”

The SEC yesterday gave the regulatory blessing to eight spot Ethereum ETFs. The move follows the approval of similar spot Bitcoin exchange-traded funds back in January. The shocking and historic move means that Ethereum is not categorized as a security by the SEC, thus indicating that other ether-like tokens, which were previously under the regulator’s scrutiny, may not be deemed securities, as per Kendrick.

“In several cases the core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position,” Kendrick posited. “The crypto industry now seems to have political backing on both sides of the aisle.”

The SEC chairman Gary Gensler has long maintained that all coins and tokens on the crypto market, besides Bitcoin, are securities, and are thus breaking the law by offering them to US investors. SOL and XRP have previously been named as unregistered securities in different SEC lawsuits.

Gensler had also hinted that Ether’s monumental shift to a proof-of-stake consensus model could transform the second-largest crypto into a security. In fact, one high-profile lawsuit against the SEC even alleged that the SEC was seriously considering designating Ethereum as a security, and not a commodity. 

Standard Chartered described the Thursday approval as a “true watershed moment”, adding that the next question is not whether but when the crypto industry will witness more regulatory changes.

Lofty Price Targets

Standard Chartered reiterated its previous prediction of Ether hitting $8,000 per coin by the end of the year. Analyst Kendrick anticipates the trading of the spot ETH ETFs to start trading next month and sees such funds attracting $15-$45 billion within the first 12 months. 

Notably, the ether ETFs will only start trading after the approval of S-1 registration statements — which have so far only been submitted by a few would-be issuers.

Standard Chartered previously said it sees a $150,000 Bitcoin price tag by year-end. The bank said today that this price was still possible with the continuing massive inflows for spot Bitcoin exchange-traded funds. “A portfolio containing both BTC and ETH ETFs is likely attractive and the industry has been further validated by the SEC’s decision on ETH,” the bank’s researcher summarized.

Kabosu, the internet-famous Shiba Inu who became a popular meme and led to the birth of Dogecoin (DOGE) and several other meme coins, has died at 18.

Her owner, 62-year-old local kindergarten teacher Atsuko Sato, who resides in the city of Sakura in Chiba Prefecture, Japan, shared the news in a May 24 blog post.

“Today, Kabosu, our community’s shared friend and inspiration, peacefully passed, in the arms of her person,” Dogecoin’s official X account also confirmed the sad news on X. “The impact this one dog has made across the world is immeasurable.”

Today Kabosu, our community's shared friend and inspiration, peacefully passed in the arms of her person. The impact this one dog has made across the world is immeasurable. She was a being who knew only happiness and limitless love. Please keep her spirit and her family in…

— Dogecoin (@dogecoin) May 24, 2024

On May 26, the iconic Shiba Inu will be honored at a farewell party at Flower Kaori in Kotsu no Mori, Narita City.

From Adopted Puppy To The Face Of Dogecoin

Kabosu, the wide-eyed Shiba Inu featured in the original Doge meme, whose fluffy visage adorns the popular Dogecoin cryptocurrency, was a former rescue dog who accompanied her owner, Atsuko Sato, to work every day. Sato personally took and uploaded the original photos to her blog in 2010. The photo, usually accompanied by funny phrases in broken English and the irreverent Comic Sans font, became a bedrock of digital culture.

A few years later, Jackson Palmer and Billy Markus launched Dogecoin, a Litecoin fork, in 2013. While it was created to poke fun at the crypto industry, it has since become the largest meme coin by market capitalization. In May 2021, the canine-themed crypto registered an all-time high after a bull run driven by the r/WallStreetBets community on Reddit.

Dogecoin’s influence extends beyond just being a meme. Its success inspired a whole category of doggy-themed tokens, such as Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF). Suffice it to say that Kabosu played a vital role in uniting a diverse community of crypto lovers. Without her, the landscape of meme-inspired crypto assets, an industry currently worth nearly $60 billion, might not have come into existence.

According to CoinGecko data, the DOGE price has climbed 5.6% compared to yesterday and is changing hands for $0.1676 at press time. In the past 24 hours, $2.71 billion worth of DOGE has been traded.

The largest crypto exchange in the United States, Coinbase, has made a huge move by restarting trading of XRP in New York despite the longstanding legal tussle between the United States Securities and Exchange Commission (SEC) and blockchain startup Ripple.

XRP trading was reintroduced on Coinbase in July 2023 but remained unavailable in New York because of state restrictions.

XRP Makes A Return To Coinbase

New York users can now buy and sell XRP on the Coinbase platform. Coinbase’s Chief Legal Officer Paul Grewal announced Thursday that the exchange had re-enabled XRP trading in New York (NY).

“We heard you and put in the work in strong partnership with the state,” Grewal wrote on X. “And now the word can be put out — we are back up.”

Many centralized exchanges, including Coinbase, Bittrex, and Binance.US, halted XRP trading in 2021 after the SEC accused Ripple of selling $1.3 billion worth of unregistered securities. These exchanges switched course and relisted the controversial cryptocurrency after a judge ruled in July 2023 that the Ripple-promoted token is not a security when sold to customers on exchanges.

Coinbase had resumed XRP support in other U.S. states, but not New York, as it has typically been stricter on the crypto industry than other parts of the country. XRP also faced regulatory hurdles in other jurisdictions, such as Japan and Singapore.

In September 2023, the New York Department of Financial Services (NYDFS) took XRP off its “Greenlist” of approved tokens. This suggested that licensed companies in New York could no longer provide custody of customers’ XRP assets without individual approval.

$1 XRP Price Breakout Nigh?

XRP could see a massive rally as Coinbase’s move may boost investors’ optimism and confidence in the crypto asset. As for the Ripple vs. SEC lawsuit, the courtroom scrabble has been tedious and lengthy. However, the case is now nearing its climax. Both the SEC and Ripple have filed their respective remedies briefs, and Judge Analisa Torres is expected to issue her final ruling soon — which will determine the potential monetary implications for Ripple.

XRP’s price currently hovers around $0.53, a nominal -0.3% change over the past 24 hours. The token is down a whopping 84.6% from its all-time high.

A positive ruling, in this case, could significantly impact the SEC’s strategic approach and pending appeal against the historic July ruling on XRP programmatic sales, which would be a boon for XRP and the broader cryptocurrency market.

For whatever reasons, I’ve been hanging on to this one for a while…Prob my all time favorite from the XRP community. It’s been hanging on a wall in my house… but with all this momentum in the market, I wanted to share it!! pic.twitter.com/L7c861JEJZ

— Brad Garlinghouse (@bgarlinghouse) May 24, 2024

Meanwhile, there is light at the end of the tunnel for XRP making a mind-blowing advance toward the elusive $3 mark thanks to its quest to revolutionize the $300 trillion cross-border payments arena.

In a bold forecast that captures the intersection of global economic policy and cryptocurrency markets, Arthur Hayes, former CEO of BitMEX and current Chief Investment Officer of Maelstrom, has predicted that geopolitical maneuvers to stabilize the exchange rate between the U.S. dollar and the Japanese yen could catapult Bitcoin prices to an unprecedented $1 million price.

Hayes’ insights, detailed in his latest newsletter, “The Easy Button,” highlight a potential future where Bitcoin’s value skyrockets due to fiat currency debasement driven by international monetary interventions.

Weak Yen’s Global Ripple Effects

Keeping up with macro is key to crypto – currently, eyes are on the dollar-yen exchange rate and how the Fed’s dollar-yen swaps with the BOJ risk destabilising the market.In the latest CTD, @cryptohayes shares why he believes ineffective intervention by governments will likely… pic.twitter.com/FmmrpuMTB3

— BitMEX (@BitMEX) May 21, 2024

The core of Hayes’ argument centers on the exchange rate dynamics between the U.S. dollar and the Japanese yen, which he labels the “most important global economic variable.” The yen has experienced significant weakening, which Hayes believes will inevitably force the U.S. Federal Reserve to intervene.

He predicts that the Fed will opt for the “easy route” by printing dollars to swap for yen, a move designed to prevent further devaluation of the yen and to stabilize the foreign exchange market.

The effects of such an intervention are vast. Hayes posits that a too-weak yen will trigger a chain reaction: China will devalue the yuan to maintain its export competitiveness.

This devaluation would place immense pressure on the U.S. industrial sector, potentially accelerating the offshoring of manufacturing jobs and increasing the trade deficit.

Printing Money and Bitcoin’s Surge

Hayes’ analysis hinges on central banks’ responses to these pressures. He argues that the Federal Reserve’s likely decision to print and exchange dollars for yen will significantly increase the money supply.

This move would allow the Bank of Japan to use these newly acquired dollars to intervene in the foreign exchange market while enabling China to expand its monetary base without destabilizing its economy.

According to Hayes, the consequence of this coordinated monetary expansion would be the debasement of the U.S. dollar. This scenario, where fiat currencies lose substantial value, sets the stage for Bitcoin to emerge as a haven for institutional investors seeking to preserve capital.

Hayes points to the growing availability of U.S.-listed Bitcoin ETFs as a vehicle for these investments, suggesting that the influx of institutional capital could drive Bitcoin’s price to $1 million or beyond.

To bolster his argument, Hayes references historical trends and current economic statistics. The Japanese yen has seen considerable depreciation, with exchange rates moving from 115 yen per dollar in early 2022 to over 130 yen per dollar in 2023. Concurrently, China’s currency devaluation tactics have been well-documented, with the yuan experiencing periodic declines to maintain export competitiveness.

Hayes also highlights the significant inflationary pressures in the U.S., with inflation rates peaking at over 8% in mid-2023, prompting concerns about the dollar’s long-term purchasing power. In contrast, Bitcoin has demonstrated resilience and growth, with its price rising from $30,000 in early 2023 to over $60,000 by year’s end.

The Road Ahead

Hayes concludes his analysis with a provocative assertion: the stabilization efforts for the yen will create conditions favorable for Bitcoin’s price surge. He estimates that the inflows into Bitcoin, driven by institutional adoption and the search for a hedge against fiat debasement, could push its value to $1 million. Hayes emphasizes the robustness of Bitcoin’s decentralized nature and growing acceptance as a digital gold standard in the face of global economic uncertainty.

As reported by ZyCrypto, Arthur Hayes had previously made another bullish Bitcoin prediction, forecasting a bold $1,000,000 BTC price during the current bull run.

The price of Ethereum (ETH) barely moved on Friday after the U.S. Securities and Exchange Commission permitted eight asset managers to list exchange-traded funds (ETF) based on the spot price of ether.

Ethereum’s price hit $3,937 shortly after the confirmed approval, per data from CoinGecko, then dipped sharply to as low as $3,640. ETH is changing hands at $3,705 as of press time.

Spot Ethereum ETFs Are A Go

On May 23, the Securities and Exchange Commission greenlighted Ethereum trading on Wall Street. The following funds were OK’d in the filing: the Grayscale Ethereum Trust, the Bitwise Ethereum ETF, BlackRock’s iShares Ethereum Trust, VanEck Ethereum Trust, ARK/21 Shares Ethereum ETF, Invesco Galaxy Ethereum ETF, Fidelity Ethereum Fund, and Franklin Ethereum ETF.

The approval marks a stunning about-face by the top financial regulator. After clearing spot Bitcoin ETFs earlier this year, the SEC did not engage as much with issuers on Ethereum ETFs.

What’s more, as ZyCrypto reported previously, a lawsuit filed by Ethereum software company Consensys against the SEC alleged that the regulator has secretly considered ETH to be an unregistered security for more than a year.

That, however, changed recently prior to the May 23 deadline. News of the SEC asking issuers on Monday to update their 19b-4 filings sent a shock wave through the industry. In greenlighting the spot ETH ETFs on Thursday, the agency has implicitly conceded that ETH is not a security in itself.

However, it’s crucial to highlight that the approval process slightly differed from the approval of spot Bitcoin ETFs in January.

Unlike the spot Bitcoin ETFs given the nod through voting by a five-member committee including SEC Chairman himself Gary Gensler, spot ETH ETFs were approved by the Trading and Markets Division of the SEC using “delegated authority”. This means that a commissioner could still challenge the approval within the next 10 days.

Ether Price Largely Disappoints Post-SEC Approval

ETH has lost 5.2% of its value on the day, but over the past seven days, the asset is up a staggering 25%.

Similar to spot BTC ETFs, the ether investment products will provide safeguards for U.S. investors, allowing them to gain exposure to the industry’s second-largest cryptocurrency in a well-regulated and easily accessible structure. 

Ether’s next major price catalyst could be ETF inflows once they start trading on U.S. exchanges. However, some industry experts suggest that inflows might not immediately lead to a price upswing. Notably, the price of Bitcoin plummeted 15% after spot BTC ETFs were greenlighted for trading in mid-January. CoinMarketCap data shows that the premier crypto took roughly 30 days to soar over 29% to around $51,800.

There are also concerns that Grayscale’s conversion of its closed-end Grayscale Ethereum Trust (ETHE) into a spot Ether ETF could lead to massive outflows — similar to what was witnessed with the Grayscale Bitcoin Trust (GBTC) following the January approval. Notably, the GBTC has bled a total of $17.6 billion in investor cash since the nearly a dozen spot Bitcoin ETFs commenced trading on Jan. 11.

Approving multiple Spot Bitcoin ETFs has greatly shifted the narrative of ETFs in the cryptocurrency community, particularly among traders and investors alike. With a more positive outlook on ETF approvals, market players are optimistic that an Ethereum-based ETF could make its way into the market.

More recently, emerging data has validated investors’ positive sentiments; as such, expectations for the approval of an Ethereum ETF have skyrocketed. Notably, other altcoins have also benefited from the ongoing development.

According to data shared by Santiment, a notable Cryptocurrency on-chain analytical platform, the positive reception surrounding a potential Ethereum ETF approval has triggered a spike in the price value of other alternative tokens.

ETH, UNI, PEPE, BONK, and LDO have all collectively recorded more than a 20% increase in price value over the past 48 hours. Additionally, the market cap has also increased significantly. BONK, UNI, and LDO have seen their market caps soar by 44%, +43%, and +38%, respectively.

The price rally almost clouds Bitcoin’s return above the $72,400 price market, a feat obtained for the first time in six weeks.

As Santiment shared in a Twitter post,

“The hype surrounding Ethereum’s first spot ETF has been a catalyst for one of crypto’s top 5 days of 2024. ETH, UNI, PEPE, BONK, & LDO are all over +20% in 24 hours. Bitcoin’s jump to $71.4K for the first time in 6 weeks is almost an afterthought.”

In the long-term, possible approval of multiple altcoin-based ETFs largely hinges on approving a spot-based Ethereum ETF. As such, a green light from the SEC towards current Ethereum ETF applications could catalyze the approval of future altcoin ETFs.

Interestingly, demand for Ripple’s XRP has increased over the past weeks, with prices soaring by 5.48%. Recall that XRP tapped $0.7503 last year following rumors that investment firm BlackRock had filed for an XRP-spot ETF.

In January, Steve McClurg, Chief Investment Officer at Valkyrie, fueled the flames of hope for a spot XRP ETF and hinted at a similar possibility for Ethereum. In a Bloomberg interview, McClurg expressed optimism about the future, saying, “I think we’re going to see a lot of filings come out for Ethereum. I even think we might see something for Ripple given the recent progress.”

While the ongoing legal issues could hinder a handful of developments within the Ripple ecosystem, approving an Ethereum-spot ETF could encourage asset managers and institutions to submit XRP-spot-based applications as billions continue to flow into the XRP exchange-traded funds.

Multiple factors validate the potential approval of an Ethereum ETF

So far, five asset managers have filed for a Spot Ethereum ETF, hinting at a growing demand from key players. Additionally, a Securities and Exchange Commission staff reportedly told exchanges that the regulatory body is leaning towards approval.

It bears mentioning that although the market strayed away from ETH and other altcoins for the past two months, following the plunge, it saw a major correction on March 20th.

“March 20th, in particular, ended up being one of the best price-performance days of 2024, sparked by the news of investors getting likely opportunities of increased exposure to the ETH network and crypto’s first altcoin.” Santiment asserted. 

At report time, ETH is trading at a press price of $3,762. The asset has also sustained over 16% of its one-month price value; making it the best-performing altcoin within the top 4 categories, outperforming BTC, USDT, and BNB. 

Bitcoin is currently ranked 9th in the world by assets under market capitalization, with $1.37 trillion worth of value. However, the premier digital currency needs to rise to $93k from the current $70k level to flip Silver, ranked 8th globally with a market cap of around $1.8 trillion. Gold leads the charts with a whopping $16.3 trillion worth of value.

Bitcoin’s Price Action

Bitcoin had a strong showing earlier in the week as the crypto asset came close to the $70k price resistance. It was languishing below $63k for much of last month but it has been upbeat for the last few days. The overall market capitalization of the digital currency is currently just below $1.4 trillion, even though it hit as high as $1.44 trillion in March when BTC recorded its All-Time High (ATH) of $73k.

During the last five years, the value of Bitcoin has appreciated more than sixfold, and there is room for much more appreciation. 

Image Source: TradingView

Bitcoin’s meteoric rise in the last decade has brought it close to some of the biggest asset classes. Gold, Silver, and Copper have been known to be used by mankind for millennia and both of the first two made it as precious metals. Silver, in particular, was used in coinage and was once worth more than Gold before an effective metallurgical process made it cheap.

Silver’s Recent Price History

In recent memory, Silver has performed much better than Gold. Its value has more than doubled in the last five years and more than six times in the last 25 years. The sudden rise in silver’s importance is attributed to its wide use in the electronics industry. Gold is also used in the tech sector but not as frequently, thus driving up the price of the white metal.

Image Source: TradingView

Will Bitcoin Overcome Silver’s Market Capitalization?

If Bitcoin’s 2024-2025 bull market goes according to plan, it will likely overtake Silver’s valuation of $1.79 trillion by going above $93k (provided Silver’s value remains constant). Then, its sight will be on the biggest asset class in the world: Gold. Yellow metal’s valuation stands at around $16 trillion, and BTC will need to get closer to a valuation of $0.9 million or $900,000 to have a chance of beating it. Plus, the latter is also expected to appreciate strongly over time due to the weakness of the fiat system. The Gold-Bitcoin competition is expected to get closer with each halving cycle, even if it won’t be achieved this time around.

As the cryptocurrency community eagerly anticipates the potential approval of Spot Ethereum exchange-traded funds (ETFs), Matrixport co-founder Daniel Yang has ignited speculation about Solana (SOL) being the next in line for such investment products.

Yang’s remarks come amid heightened interest in cryptocurrency ETFs following recent regulatory developments.

On Tuesday, May 21, Yang highlighted the significant impact of reports suggesting that the Securities and Exchange Commission (SEC) has requested issuers to update Form 19b-4 in their product applications. Notably, following these reports, he pointed out the surge in the Ethereum to Bitcoin (ETH/BTC) pair, indicating market optimism surrounding ETF approvals and expressing hope of seeing a SOL ETF soon after Ether’s.

“What’s the trade, if ETH ETF really get approved in two days?…. A better trade I will argue for is: “BUY SOL/ETH.” This may sound absurd and definitely unpopular. Reasons are: 1) SOL will be the No.1 next in line if ETH ETF get approved.” Wrote Yang.

Elsewhere, analysts, including one identified as ‘Gumshoe,’ also view the approval of Ethereum-based instruments as potentially more advantageous for Solana than for Ethereum itself. Earlier this week, the pundit argued that a rejection could make Ethereum less appealing while enhancing Solana’s attractiveness as an investment option.

Nevertheless, the cryptocurrency community is concerned about the broader implications of ETF approval processes. Should any ETF applications be rejected, it could deliver a significant blow to the sector, prompting what one observer likened to a “nuclear strike” on market sentiment.

Industry experts have outlined bullish scenarios for Solana’s price trajectory. Ryan McMillin, investment director at Merkle Tree Capital, predicts a rise in Solana’s value to $400 by November 2024, citing a potential catalyst in meme coins related to the upcoming US election campaign.

Echoing this sentiment, Daniel Chung, co-founder of Syncracy Capital, anticipates Solana will revisit $200 by the end of May. These projections reflect a positive outlook on Solana’s fundamentals and positioning within the broader cryptocurrency landscape.

Moreover, Solana’s technological prowess has not gone unnoticed, with CoinGecko analysts recognizing its network as the fastest among major blockchains. Notably, on April 6, the Solana network achieved a record-high average daily transaction throughput of 1,504, further solidifying its status as a leading blockchain platform. Analysts from The Digital Asset Fund Manager Survey also highlighted how institutional demand for the crypto asset had soared in the same month, underscoring their bullish outlook.

That said, as anticipation builds around the potential approval of Ethereum ETFs, all eyes are now turning to Solana, poised to capitalize on the momentum generated by its predecessor. Whether Solana will follow in Ethereum’s footsteps remains to be seen, but market sentiment suggests that the cryptocurrency’s future is brimming with potential.

At press time, Solana was trading at $171, reflecting a 4.28% drop over the past 24 hours. However, the coin surged nearly 9% over the past week, with a market capitalization of $77 billion, according to CoinMarketCap data.

A London court has ruled against Craig Wright’s controversial claim that he invented Bitcoin. The Australian computer scientist has long claimed that he is Satoshi Nakamoto, the pseudonymous founder of the digital currency revolution, and that, as a result, he owned the Bitcoin whitepaper and its implications. However, the British court found this claim false and stated that Wright lied at every turn and forged documents on a massive scale.

Craig Wright’s Crusade to be Called Satoshi Nakamoto

Wright has been on a mission to be recognized as Bitcoin’s storied founder. Back in 2015, a botched investigative report by Wired and Gizmodo revealed that Wright may have founded the decentralized currency. Wright even published several cryptographic signatures allegedly showing his connection to Bitcoin’s genesis block.

However, several crypto researchers and developers soon debunked the claims. The “proof” he could provide was declared an attempt to fool the users and the government into believing he was Satoshi himself, and it proved nothing.

This didn’t stop Wright from his chaotic claim, and he started suing everyone who publicly opposed him. At one point, he even attempted to patent the Bitcoin whitepaper in the United States to solidify his claim. However, all such efforts had no substance and were spectacularly shot down.

The London High Court Ruling

In this particular case, Wright was pitted against the Crypto Open Patent Alliance (COPA) as he had started suing Bitcoin developers. COPA wanted to end Wright’s ability to sue these developers as he wasn’t the founder of the digital currency in the first place.

After hearing arguments from both sides, Judge James Mellor first indicated in March that evidence against Wright was overwhelming but yesterday, he concluded the case entirely in favor of COPA.

Mellor wrote:

“Dr Wright presents himself as an extremely clever person. However, in my judgment, he is not nearly as clever as he thinks he is….., All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto.”

This was a very damning verdict from the court, as it now looks like the whole “Craig Wright is Satoshi Nakamoto” saga is nearing its end. It has gone on for the better part of the last decade.

Wright plans to appeal the decision, while COPA, whose members include former Twitter CEO Jack Dorsey, believes the decision frees developers from testing and improving the Bitcoin Network without being constantly harassed by Wright’s legal team.

Who is Satoshi Nakamoto?

The identity of Bitcoin’s mysterious founder is likely to remain in the shadows. Satoshi famously owns 1 million Bitcoins ($70 billion), or around 4.7% of the Bitcoin supply. However, these coins have remained unused since they were mined and will likely remain so.

Numerous insights have been provided regarding the identity of the elusive genius behind BTC. One of the most plausible explanations is that it is not the work of one man but rather a group of visionaries who wanted a decentralized future.

With the growing anticipations of an Ethereum ETF approval, the entire crypto market is on a bull run. As the altcoins pick up pace, meme coins display impressive rallies within 48 hours.

Further, with the Bitcoin and Ethereum ETPs getting listing approval on the London Stock Exchange, the bulls are supercharged. Will this bull market sustain an uptrend for a massive jump in meme coins?

Don’t worry. We’ve got our top pick of meme coins that are likely to explode before the Ethereum Spot ETF approval.

PEPE (PEPE)

With the bull run spreading like wildfire in the crypto market, the PEPE price spearheads the bull run in the meme coin sector. The PEPE price is constantly rising as a frog-themed coin in a canine-dominated market.

With a massive jump of almost 50% during the Ethereum bull run, the PEPE price is trading at an all-time high of $0.0000136. Further, the meme coin shows the rounding bottom breakout rally gaining momentum.

The trend-based Fibonacci retracement shows that the PEPE price could easily scale to hit $0.000027 amidst the growing market. 

Floki (FLOKI)

Following the bullish breakout of a double bottom pattern and a falling wedge pattern, the meme coin prepares for a massive surge. The FLOKI price has increased by almost 20% with two immensely bullish candles. 

The Stochastic RSI average lines enter the overbought zone, and the crucial 50, 100, and 200-day EMAs are in a bullish alignment. Thus, the technical indicators bolster the continuation of the bullish trend.

As per the Fibonacci levels, the bull run could reach the 1.618 Fibonacci level at the $0.00040 mark.

Dogwifhat (WIF)

With a bullish trend in motion, the WIF price sustained above a crucial support trendline in the 1D chart. This meme coin is on the verge of a massive bull run as it prepares a triangle breakout.

With the WIF price challenging the overhead resistance trendline, the sideline traders anticipate a surge in buying pressure. Further, the bullish crossover in the MACD and Vortex indicators bolsters the possibility of a bull run.

As per the trend-based Fibonacci retracement, the 2.618 level at $9.29 is a potential upside target.

Shiba Inu (SHIB)

With a market cap of 15.29 Billion dollars, Shiba Inu ranks as the second biggest meme coin in the crypto world. The meme coin has increased by almost 10% since the buzz of Ethereum ETF started in the market.

Further, the SHIB price action shows a triangle breakout rally ready to gain bullish momentum. The meme coin sustains above the 20D EMA and is ready to challenge the $0.00002750 mark.

As the RSI line approaches the overbought zone, the SHIB price could shortly give another breakout entry. An uptrend continuation in Shiba Inu might reach the $0.00005378 mark.

Book of Meme (BOME)

Finally, the Book of MEME or the BOME token is starting to siphon momentum from the recovering market. The recovery rally in the BOME price is starting with a trendline breakout.

The bullish reversal crossed above the 50% Fibonacci level and jumped almost 20% in the last 48 hours. According to the Fibonacci levels, the uptrend continuation in BOME can target $0.037.