Ethereum
Bonk, Pepe and KangaMoon outperform Ethereum on ETF approval day
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Pepe, Bonk and Kangamoon outperform ETH despite ETF approval. Kangamoon raises $7 million in pre-sales.
After months of scrutiny for potential approval, the Ethereum ETF has now been approved by the United States Securities and Exchange Commission (SEC). However, the effect of the approval was not felt on the price of Ethereum, with major memecoins such as Bonk, Pepe, and KangaMoon outperforming the token over the past day.
KangaMoon Token Rises to Middle of CMC List
Even though the Ethereum ETF has been successful, the Ether token still lags behind Bonk, Pepe and KangaMoon since the approval in terms of bullish momentum. In particular, KangaMoon appreciated by 400%, projecting it as one of the promising memecoins to invest in. With the token listed on CoinMarketCap, more investors are now getting in on the pre-sale.
Backed by its huge community of 32,000+ users and 10,000+ active holders, KangaMoon has raised around $7 million in pre-sales. Many analysts believe that it is one of the most promising memecoins to buy. As one of the trending memecoins of 2024, KangaMoon’s native token, KANG is poised to topple Solana-based memecoins like Bonk and Dogwifhat.
Notably, KangaMoon’s unique vision combines two essential elements of GameFi and SocialFi, which allow users to engage in activities in the ecosystem and win prizes. Through this, users can earn money by playing to win and also by engaging in KangaMoon social media campaigns such as the ongoing Kangameme context.
As part of measures aimed at multiplying investors’ income, there is the possibility of staking assets for a certain period. In return, users receive up to double the amount they stake. As the presale comes to an end, KangaMoon has confirmed its listing on BitMart with other CEX exchanges to follow at a later date. As an Ethereum compatible token, the Ether ETF approval can also bring the best of KangaMoon.
Ethereum Price Falls Despite ETF Approval
The Ethereum ETF was approved on May 23, 2024, but its success did not increase the price of ETH. Although the token has climbed 16% over the past month and got too close to the $4,000 threshold, it has not increased since the approval was announced, with ETH down 3% at during the last day.
However, Ethereum’s market capitalization and trading volume serve as consolation, with both reaching new highs. As a result, analysts believe that the current decline is temporary and that Ethereum will rebound soon. With an Ethereum price prediction of over $4,000, investors might consider holding on to their ETH assets.
Bonk Price Rises Amid ETF Signing
In contrast to Ethereum’s lack of traction, Bonk has been moving steadily higher over the past week, rising 40% based on market statistics. This is a continuation of the year-over-year price increase, which currently stands at over 9,000%. However, a big concern is Bonk’s market capitalization, which has continued to decline.
Even though Bonk’s market cap is declining, its business prospects appear excellent. With several of the major market indices showing green signs, the token could continue according to its monthly projection. With the Bonk token remaining at its all-time high ATH, the token could set a new all-time high this year.
Pepe Token Leads, Overshadowing Ethereum’s Rise
The Pepe coin is also leading in different charts, increasing by almost 1,000% in one year. It continued its momentum with a monthly increase of 90%. The token also improved its lead over the past day, hitting a new all-time high of $0.00001535.
Zooming in, Pepe is largely bullish on many market indices. With Pepe’s market cap expected to soon reach $6 billion, the token is booming and is among the best memecoins to buy ahead of altcoin season.
Conclusion
With the rise of Pepe, Bonk, and KangaMoon over the past day surpassing that of Ethereum even despite its ETF approval, the tokens are expected to see huge progress in the next bull run. However, they may not be able to match Ethereum’s rally in the coming weeks if the ETF proves to bring more benefits to Ether.
To find out more, visit Kangamoon website or join them telegram community.
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