With the market adjusting until the last moment, optimism about the approval of the first batch of ETH spot ETFs is rising again, and Ethereum is seeing significant buying pressure!
With ETH rising over 25% in the past week, it is evident that traders are seeking to increase their investments in the asset. Investors are also bidding on assets in the EVM ecosystem, which they see as a potential test version for ETF approval.
Today, we are focusing on some hot signs and tokens and ecosystems that could take off at any moment.
ETH Ecosystem Tokens
Although many major ETH ecosystem tokens have underperformed ETH for months, a shift in sentiment may prompt investors to look for untapped upside potential.
LDO
Lido’s governance token, LDO, has risen by about 25% on rumors of ETF approval. This suggests that despite a decrease in market share, the protocol and its LST and stETH tokens remain essential in the ecosystem. While EigenLayer’s re-staking push has the potential to reshape the power dynamics of staking, competitors like LDO and RocketPool’s RPL are still imitating.
ENS
With wider market games and support from Vitalik, the governance token for Ethereum Name Service, ENS, has risen by 50%. Vitalik questions why more people are not paying attention to what he calls Ethereum’s most successful non-financial application.
ARB
Amid the rise of new L2 competitors, Arbitrum continues to perform well with the largest TVL among all L2s. This advantage is not always reflected in its token, but ARB has seen an increase after the ETF news. Arbitrum is the home to leading DeFi protocols like GMX and Pendle and is also the primary infrastructure for L3, firmly sitting at the top of the L2 ecosystem.
ETHFI
Ether.fi’s governance token, ETHFI, has gained popularity due to the ETF news, rising by about 20% in the next 24 hours. As an ungoverned liquidity re-staking protocol, ether.fi allows users to stake assets while retaining control of their private keys and earn eETH as a reward. ether.fi, as a veteran player in the re-staking field, offers credibility, and its integration with Pendle and its rewards program further solidify its demand.
Memes
Want to put more money in? While Base and Solana are the main memecoin arenas of this cycle, there are still some major players on the mainnet. Just take a look at some mature ETH memecoins like PEPE, BITCOIN, or MOG, which have risen by 30%, 40%, and 50% respectively in the past few days.
ETH Native NFTs
NFTs have been tricky in this cycle, with most blue-chip series performing poorly or collapsing altogether. Yuga’s assets have been declining for months, and even the floor price of steadfast CryptoPunks has dropped below 35 ETH for the first time since 2021.
Meanwhile, the most promising performers in the ETH NFT space are PFPs that didn’t perform well in the 2021 cycle, including series like Miladys, Remilios, Mocaverse, and the astonishing Pixelmon, which have seen double-digit increases in ETH terms despite ETH’s rise this week. Overall, the price trends suggest that people are more interested in grassroots communities with broader prospects compared to projects that have already raised venture capital or have complex roadmaps.
Base
Yes, there is currently no native token, but betting on Base is still a good choice. Despite stagnant TVL growth, Base still provides a compelling narrative as the center of Ethereum’s L2. Since rumors of SEC changing the ETF decision erupted, activity and related assets have been flourishing. Leading ecosystem tokens like DEGEN have risen by about 30% this week, and PRIME has also risen by about 20%. Memecoin performances have been even better, with some netting triple-digit gains.
Summary
The potential approval of an Ethereum ETF has increased market prosperity and boosted existing ETH tokens, ETH native NFTs, and Ethereum’s popular L2.
Although everything is still uncertain until the SEC makes a final decision on the ETF applications, savvy ETH investors know the long-term direction of Ethereum and should prepare accordingly.
Tags
Arbitrum
Bankless
EigenLayer
Ethereum
Jinse Finance
Source link:
https://www.jinse.com/blockchain/3685798.html
Note: The opinions expressed in this article only represent the views of the author and do not constitute investment advice.
Original article link: https://www.bitpush.news/articles/6777927
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