thecryptobasic.com
Ethereum ETFs officially launched on July 22, sparking bullish tailwinds across the crypto market; key on-chain indicators suggest the memecoin sector could receive a significant boost as August 2024 approaches.
PEPE: Bulls Could Target a New All-Time-High
PEPE is currently Ethereum’s second-largest memecoin project, behind Shiba Inu (SHIB). PEPE’s recent price action over the last three months suggests that it has benefitted the most from the Ethereum ETF’s bullish headwinds.
On May 20, 2024, Bloomberg analyst broke news of Ethereum ETFs approval by the US SEC. The chart above shows that PEPE price instantly entered a blistering 92% rally within 7 days, to hit an all time high of $0.000017 on May 27.
At the time of writing on July 29, the PEPE price is trading at the $$0.000012 markup by more than 1000% in terms of year-to-date performance.
More recently, the positive correlation between Ethereum ETFs approval and PEPE price action in late-May suggest that the token could be well-poised for another rally if the inflows increase significantly in August 2024 and beyond.
LAIKA: Whales Could Ape-in on Newly-Launched Solana Memes
The first half of 2024 has seen the Solana ecosystem attract considerable media and market interest, particularly with the remarkable performance of native meme coins such as Book of Memes (BOME) and Dogwifhat (WIF), which experienced rallies exceeding 1000%.
As H2 2024 unfolds, LAIKA, a promising memecoin on the Solana blockchain, is showing significant potential to mirror the success of its predecessors.
LAIKA has rapidly gained traction, partly due to its unique marketing approach. The coin garnered attention when it launched its mascot into Earth’s orbit in March 2024, a strategic move that has captivated the crypto community and distinguished it from a myriad of other memecoins.
Despite the pervasive volatility in cryptocurrency markets, LAIKA’s native token has demonstrated resilience. Over the past 24 hours, the token has experienced a 2% rebound, contrasting with the double-digit losses faced by other prominent memecoins like SHIB.
At the time of writing on July 29, LAIKA is priced at $0.00006, boasting a market capitalization of over $58 million.
A key feature of LAIKA is its reward-based Laika Moon Mission Game, which provides a compelling mechanism for earning passive income. This aspect could enhance demand for the token as investors seek stable returns amid a bearish market. The game’s engaging nature and potential rewards make it an attractive option for diversifying crypto portfolios with utility-driven assets.
DJT (Trump Coin): Trump Campaigns Could Drive August Rally
The DJT memecoin is generating buzz in the cryptocurrency community, positioning itself as a meme coin to watch in August 2024. This surge in interest is driven by a combination of recent events and market dynamics that are expected to fuel its growth.
One major catalyst is the successful launch of Ethereum ETFs. The introduction of these ETFs has brought renewed attention to the broader crypto market, increasing liquidity and investor interest. As a result, many altcoins, including memecoins like DJT, are experiencing heightened trading activity. The added exposure and accessibility of Ethereum-related assets have a trickle-down effect, benefitting lesser-known coins in the ecosystem.
Another significant factor is Donald Trump’s emergence as the front-runner in the US 2024 elections. Trump’s prominence in the political arena has historically influenced market sentiment, and his association with the DJT memecoin adds a unique layer of speculative appeal.
Donald Trump delivered a speech at the Bitcoin Nashville conference which was held between July 25 to July 29 2024, sending bullish tailwinds across the crypto markets.
But notably, the DJT coin entered a blistering 15% rally within the duration of the conference, before retracing toward the $0.00007 level at the time of writing on July 29.
Although still unconfirmed by the campaign team, the DJT memecoin branding posits that the token is heavily linked to Donald Trump. The price action observed over the past week suggests that DJTs near-term is now closely linked to Trump’s fortunes in the Presidential elections race.
As the campaigns intensify, DJT will likely draw interest from both supporters and detractors eager to engage with a politically-themed digital asset. This puts DJT firmly on the list of meme coin to watch closely in August 2024.
Speculations that bullish catalysts like Ethereum ETFs inflows and Donald Trump’s candidature could spark a major rally across the memecoin sector. If crypto whales’ recent preference for low-cap memecoins persists in August, tokens like PEPE, LAIKA, and DJT are well-poised to gain ground in the weeks ahead.