Ethereum ETFs Launch Next Week
It was a bit of a surprise when the US Securities and Exchange Commission (SEC) gave the green light to Ethereum ETFs a few weeks ago. The SEC had tried before to classify coins using the Proof of Stake consensus mechanism as securities. With the green light for spot Ethereum ETFs, the SEC has stopped trying to classify Ethereum as a security. We're expecting these exchange-traded funds to hit the market as early as next week
Analysts think that Ethereum ETFs will attract a lot of capital. They reckon that around one-third of the money invested in Bitcoin funds will go into Ethereum ETFs. Given that ETH is worth about one-third of Bitcoin, this could have a similar impact on its price. It could cause not only ETH but the whole ecosystem to surge. It looks like a similar thing could happen with Solana pretty soon.
VanEck Submits Solana ETF Application
VanEck is a big name in finance and has been involved with Bitcoin ETFs from the start. While VanEck's Bitcoin ETF can't compete with those from BlackRock, Fidelity, or Grayscale, it's still worth nearly $700 million. The company has now put in an application for a Solana ETF. Even though VanEck isn't a major player in Bitcoin ETFs, it's thought that other companies will follow suit, pumping billions more into the crypto market if the exchange-traded fund gets the green light. Once the SEC has given the green light to Ethereum funds, it'll probably be a lot harder for them to turn down the Solana ETF.
This could be a sign that an Altcoin Season is on the way, as many experts are saying. The SOL price has already risen by almost 10%, which shows that meme coins could also be among the big winners when the Altcoin Season begins. BOME has already risen by 15%, while WIF has seen double-digit gains. Investors are also turning their attention to the new Pepe Unchained (PEPU).
Pepe Unchained Surpasses the Million Dollar Mark
Pepe Unchained is more than just another meme coin; it has its own Layer 2 blockchain, which makes transactions faster and cheaper than on Ethereum. It also includes a staking function, which shows just how much potential it has. There’s been a lot of interest from investors during the initial coin offering. Despite only being available for presale for a few days, investors have already bought over a million dollars' worth of tokens. The token price goes up a few times during the presale, which means that early buyers can make money even before the tokens are traded on exchanges. The annual yield for staking is calculated based on the number of tokens in the pool, so it's particularly high at the start. Right now, the staking yield is over 1,800%, which is why most buyers are staking their tokens. This scarcity at launch makes a price surge more likely. Analysts have set price targets that are significantly above ten times the current presale price, given the high demand. It's an exciting year for crypto investment. The Bitcoin halving, which happens roughly every four years, took place again this year. It's been a long wait, but spot Bitcoin ETFs have finally been approved in the US. We're expecting exchange-traded funds for Ethereum and Solana to follow suit soon. This has already led to some altcoins rising in value, with most analysts saying that the altcoin season is just getting started. This means that Bitcoin is expected to become less dominant, with many other cryptocurrencies outperforming it.
Ethereum ETFs are launching next week!
It was a surprise when the US Securities and Exchange Commission (SEC) approved Ethereum ETFs a few weeks ago. The SEC had tried before to classify coins using the Proof of Stake consensus mechanism as securities. With the green light for spot Ethereum ETFs, the SEC has put an end to its efforts to classify Ethereum as a security. We're expecting these exchange-traded funds to hit the market as early as next week.
