– SEC’s Shift in Sentiment Towards Crypto Sudden and Unexpected
– Many Suggest Pivot was Response to Trump Embracing Bitcoin
– Largest Ever Single-Day Candle for Ethereum Gains
– Shift Could Spark Biggest Crypto Rally in History of Crypto, Esp for Memes like $GFOX
A surprise reversal from the SEC on Ethereum ETFs sent shockwaves through the crypto world and resulted in the single biggest daily candle in the history of Ethereum ($ETH), as price soared by almost 20% in less than 24 hours, and ERC-20 memecoin $GFOX pumped almost 40%.
The apparent shift coming from the Biden Administration represents a 180-degree pivot from where the SEC stood just one week ago on the subject of Ethereum, and the crypto industry in general, as SEC Chairman Gary Gensler and leading Democratic politicians like Elizabeth Warren have until recently been relentless in their attacks on crypto and emphatic that they consider Ethereum to be a security.
The sudden change came just days after leading presidential candidate Donald Trump announced his support of Bitcoin and intention to embrace crypto innovation in the USA. Many political commentators and crypto pundits believe the SEC’s sudden change in tone is a response from the Biden team to win back crypto supporters, especially in younger demographics where crypto is very popular, and where support is now at an all-time low.
But whatever the reason, this week’s announcement has fundamentally altered the crypto landscape and cleared the way for the mother of all bull runs by providing regulatory clarity, which is vital for institutional investors, as well as for banks, crypto exchanges and any projects dealing with US customers. It also begs the question – what’s the best memecoin to buy today?
What the SEC’s New Position Means for $ETH Price, L2s and Memes like $PEPE and $GFOX
While still far from being certain, the SEC’s sudden call for an update in filings from Ethereum ETFs caused Bloomberg analysts to upgrade their predictions from a 25% approval probability to a 75% probability overnight. The market reacted swiftly with a massive 20% $ETH God Candle that also coincided with the tail end of a massive falling wedge (normally a bullish pattern) on the technical charts, lighting the fuse for an $ETH rally with a year-end forecast of $8K, and a potential cycle top of over $15K.
Ethereum’s Massive God Candle, at the Bottom of a Three-Month Bullish Falling-Wedge.
Ethereum Layer-2 (L2) Protocols like Arbitrum and Optimism responded with similar enthusiasm, with Arbitrum ($ARB) now up over 25% on the weekly, and Optimism ($OP) soaring nearly 13%. But it was memecoins that saw the largest gains, with $PEPE exploding by over 25% and ERC-20 newcomer $GFOX scorching by almost 40%.
Ethereum Strikes Back – How Round 2 of $SOL vs. $ETH Could Play Out
Investors asking the question, what’s the best memecoin to buy today? should be looking for newer quality meme projects like $GFOX with an ERC-20 tag, as it’s unlikely that Solana will see a similar ETF approval this cycle and may thus be overshadowed by Ethereum and $ETH-related projects.
That’s not to say Solana won’t still be a top altcoin to buy in 2024, or that Solana-based memes like $BONK, dogwifhat ($WIF) and $BOME won’t also pump – indeed, they could likewise see gains that will make the early bull run of 2023 pale in comparison. But smart investors adapt to shifting narratives – and the Ethereum narrative has just changed radically.
On the subject of $ETH-$BTC, however, the forecast is a bit more uncertain, and investors should approach this trade with caution. Basically, $ETH-$BTC has been on a major downtrend for almost two years now. While this sudden thawing of the Cold War between the SEC and Ethereum could signal a possible trend-reversal, $BTC still holds the upper-hand in institutional interest – and that’s unlikely to change, even with an $ETH Spot ETF. Long story short, don’t dump your $BTC for $ETH just yet.
Conclusion
The SEC reversal on Ethereum is a total game-changer that will have radical impacts on the US crypto industry, and on prices. With a potential green-light from government oversight, the bull market is now game-on like Donkey Kong – and retail investors haven’t even joined the party yet. When they do come, expect memes to be where the action is. If you want to front-run the tsunami, look for entries in newer low-cap ERC-20 memes like $GFOX – a hot new coin with versatile GameFi and NFT functionality that pumped twice as hard as $PEPE on this week’s positive $ETH news. Check out the links below for more information. Happy trading – and see you on the moon.
Learn more about $GFOX here:
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