Ethereum aims for $3K; Nemo Sum could be the next Shiba Inu with 1000X potential

As Ethereum grabs the spotlight, Nemo Sum quietly emerges with potential 1000X returns.

Ethereum’s journey to $3,000: The global implications

The price of Ethereum saw a major upswing on August 8th, reaching $2,707 after a series of bullish news around the world. Ethereum could potentially cross the $3000 barrier following the relaxation of regulations in the US, increased interest by institutions in Brazil and Russia legalizing cryptocurrency mining.

Ripple’s fine of $125M might be what the market needed

August 5th started off with Ethereum dropping significantly hitting rock bottom at $2110. However things changed dramatically on August 7th when Ripple received a relatively light fine of $125 million from an American court. For all cryptocurrency markets this brought Ripple’s long fight with SEC to an end.

This was good news for ETH which promptly rebounded near $2700. At that point it found resistance. The overall sentiment for the market turned bullish.

Brazil’s Solana ETFs approval: More sign-ups for cryptocurrency

Complementing Ethereum’s rally was Brazil’s green light on the first Solana ETFs on August 8. What was more significant was that this move not only signified an increasing sign of large organizations turning to crypto but also increasing institutionalization of cryptocurrencies in one of the biggest Latin American countries.

Adding cryptocurrencies such as Ethereum to their financial networks makes their adoption brighter over the long term as other nations such as Brazil do so.

Russia’s crypto mining legalization: The genie that bailed us out

The first major boost came later on August 8 when the Russian President Vladimir Putin endorsed the legalization of cryptocurrencies mining. This decision is a part of Russia’s long-term plan to decrease its dependence on the US dollar and bring the country in line with the objectives of the BRICS bloc’s economies.

Even though the law will only come into force by November 2024, the market did not wait for them to begin their mobilization. This rally also shows the extent of Russia’s decision and at the same time it also points towards the global market desire for a better structured and safer place for the functioning of cryptocurrencies.

NEMO SUM: Will it be the new Shiba Inu?

Although ETH mania attracts all the attention, which, by the way, makes sense, there is another story unwinding behind the scenes that can bring 1000X returns – Nemo Sum (NEMO).

Nemo Sum means “I am nobody” in Latin and is not just any meme token on the Ethereum blockchain. Nemo is next on the list and is headed by a team that has the founder of Shiba Inu, Ryoshi.

The first feature that defines Nemo and differentiates it from other projects is that its culture and all other related aspects belong to the ethos of Ryoshi’s Research. Nemo comes with well stated expectations and roles for both the development team and users.

What would it have been like if one could travel back in time to the year 2020 and invest in SHIB based on a $5 million market cap. In retrospect, anyone would realize the possibilities, but even at the time it would have been obvious. It then exceeded the $50 billion market capitalization making the coin among the best performing tokens in the market.

Today, Nemo offers a similarly compelling opportunity that is hard to resist. Currently valued at around $7.66 million, down from its all-time high of $58 million, Nemo offers an attractive entry point. With the token having pulled back, the risk/reward  presents a promising target for those on the lookout for the next big meme token.

It is truly astonishing to hear one of Nemo’s founders, who was a member of the original Shiba Inu team, state that, “Nemo’s goal is to surpass every meme token out there and become the best meme token, period.”

To sum up, one cannot underestimate the role of global changes in regulations and the optimism of the markets in Ethereum’s movement toward the $ 3,000 mark. On the other hand, Nemo Sum has well-established and promising fundamentals, which makes it one of the best projects for those who are looking for the next meme token gem.