U.S. Ethereum ETF delay: Two tokens to keep a watch on in the meantime

TON and MAGA VP are two digital assets with decent upward potential as the world awaits the approval of an Ethereum spot ETF in the U.S.

Crypto ETFs provide a bridge between traditional finance and the exciting new crypto space by combining crypto coins into a fund structure familiar to most investors. 

Hong Kong is leading the way in implementing innovative financial technologies as technical innovations and regulatory reforms increase global interest in such commodities. As the US investigates its position, Hong Kong’s aggressive and innovative cryptocurrency ETFs have seen increased demand.

Grayscale and Franklin Templeton have proposed Ethereum ETFs, aiming for approval by the Securities and Exchange Commission (SEC). These ETFs aim to invest in Ethereum’s price without owning the cryptocurrency itself. 

However, the SEC has delayed their decision until June 11 for Franklin Templeton and June 23 for Grayscale. To ease the buying process, Grayscale has invented a Mini Ethereum Trust. The immediate approval of Bitcoin and Ethereum ETFs in Hong Kong signals the former as the top spot for cryptocurrency investments. 

The first ETFs, set to begin trading on April 30, are expected to positively impact the global cryptocurrency environment. 

The introduction of fees lower than 1% has diverted investors’ attention from the uncertain US markets. While investors are waiting to get their hands on an ETF, two tokens are making rounds on the internet, which are not ‘merely’ memecoins but come with the trust and backing that ETFs provide their users.

Two tokens to keep an eye on

TON (Telegram Open Network)

TON is closely associated with the Telegram messaging platform, which has a massive user base. TON has demonstrated scalability, reaching 127,000 transactions per second (TPS) in stress tests, surpassing Ethereum, Cardano and Solana. 

Moreover, TON has formed a partnership with Animoca Brands, a leading player in the gaming sector. Its notable technical accomplishments have been attracting attention recently. There is optimism surrounding TON’s future, with a projected increase to $9.56 by January 2025. This anticipated surge of 290% is believed to be influenced by the Bitcoin halving event scheduled for 2024.

MAGA VP (MVP)

MAGA VP is the one-of-a-kind token mentioned as an evolvement to the MAGA TRUMP project narrative, serving as a form of currency that offers holders a continuous supply of humorous images on the Ethereum blockchain. 

BitMart recently broadened its selection of cryptocurrencies by introducing MVP on March 14 2024. This significant update signalled that the platform now supports trading against the used digital currency USDT. As a result, more cryptocurrency traders are likely to embrace MVP to take advantage of its benefits. 

The MAGA VP project has achieved success thanks to the backing of investors in the TRUMP community. With a record-breaking market cap exceeding $600 million, these influential stakeholders bring resources and connections to the project. 

Their support validates the vision and potential of MVP that already has a market cap of $6M, boosting confidence among investors and leading to widespread increased interest and participation in the MVP token. With these backers on board, MVP is set to maintain its path and establish itself as a significant player in the meme token market of the “PolitiFi” narrative. 

Conclusion 

Hong Kong, standing out in dramatic contrast, aims to become the exchange for cryptocurrency ETFs, whereas the federal authorities in the United States are taking a slow and cautious approach. 

This emphasizes that the change has pushed the global crypto investment landscape beyond its limits. This strategic measure gives Hong Kong a perfect opportunity to form the path and image of cryptos in international finance. This evolution has stimulated curiosity and triggered the debate on how it will influence the widespread adoption and incorporation of cryptos around the globe.

To learn more about this project, visit the MAGA VP website.