PEPE soars amid Ethereum ETF optimism as new memecoins prepare to rise

Pepe price surges on positive Ethereum ETF news, while Galaxy Fox (GFOX) gains traction as a low-cap memecoin on Ethereum.

The crypto market experienced a boom at the start of this week, fueled by positive Ethereum ETF news. According to Bloomberg ETF analysts, the odds of a spot Ethereum ETF approval have increased from 25% to 75%. 

This news sparked a frenzy in the altcoin market, particularly for those projects built on the Ethereum network, such as the PEPE meme coin. Let’s delve into the details and explore one low-cap meme coin on Ethereum.

PEPE memecoin price surges on positive ETH ETF news

Last week, the PEPE price hit a new all-time high, breaking through the $0.000011 area and reaching a $4 billion market cap. Following this surge, PEPE entered a correction phase, trading below the $0.00001 level for a few days.

However, in the wake of yesterday’s positive news, PEPE experienced another pump, climbing back around the $0.000011 mark, once again trading near its all-time high zone. The current market cap now stands at an impressive $4.6 billion.

PEPE outperformed other top meme coins today, such as SHIB, DOGE, and FLOKI, whose prices also pumped –  albeit more modestly, ranging from 6% to 8%. 

Santiment reported that the excitement surrounding the potential approval of Ethereum’s first spot ETF has acted as a catalyst, propelling the crypto market into one of its top five days in 2024. 

Remarkably, Ethereum (ETH), Uniswap (UNI), PEPE, Bonk (BONK), and Lido DAO (LDO) have all experienced gains exceeding 20% within a 24-hour period. Even Bitcoin’s impressive surge to $71,400, marking its highest level in six weeks, has been overshadowed by the fervor surrounding the Ethereum ETF news.

From a technical analysis perspective, the MACD signal line for PEPE is currently below the MACD line, indicating a potential bearish signal. The Relative Strength Index (RSI) is around 70, suggesting that the asset may be overbought in the short term. 

While PEPE’s price surge has been impressive, a cooling-off period or consolidation can’t be ruled out in the upcoming days.

Low-cap memecoin on Ethereum: Galaxy Fox 

For those interested in exploring memecoins on the Ethereum network beyond PEPE’s sizable market cap, Galaxy Fox (GFOX) might be worth considering. This low-cap meme coin pumped around 20% today but still maintains a market cap lower than $1 million, according to Dextools’ data.

GFOX had a highly fruitful crypto presale earlier this year, raising over $6 million. Following today’s pump, the current GFOX price stands at $0.00067. What’s catching attention when it comes to Galaxy Fox is its utility and its web3 runner game.

The GFOX ecosystem includes the following features:

• Play-to-earn gameplay: Players can engage in gameplay and earn GFOX tokens as rewards for their participation and achievements.
• Staking: Token holders can stake their GFOX tokens to earn passive income streams, providing an incentive for holding and supporting the ecosystem.
• Token burning: The GFOX token has a burning mechanism in place, which reduces the total supply of tokens over time, potentially increasing the value of the remaining tokens held by users. The total amount of GFOX tokens is 5 billion, but slightly over 1 billion is currently in circulation.

The core offering of Galaxy Fox is a web3 endless runner game where players can earn GFOX tokens based on their in-game performance. The top 20% of players each season will receive GFOX token rewards. 

On 12 May, Galaxy Fox announced the launch of the beta testing phase for their web3 runner game. They expressed excitement about inviting members of their community to participate and provide feedback via email invitations. 

Galaxy Fox emphasized the value they place on community insights and highlighted this beta testing as an incredible opportunity for users to get an exclusive early look at the game, test its features, and offer valuable feedback to enhance the overall gaming experience.

Conclusion

To wrap it up, the positive Ethereum ETF news has ignited a rally in the crypto market, particularly for projects built on the Ethereum network, such as PEPE and GFOX. While PEPE’s price surge has been impressive, a cooling-off period or consolidation cannot be ruled out. 

For those seeking exposure to low-cap meme coins on Ethereum, Galaxy Fox presents an intriguing option and potentially the next meme coin to explode with its play-to-earn web3 runner game and token-burning mechanism.

To learn more about GFOX here, visit Galaxy Fox presale and join the community.