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The post Ethereum Surge Expected: See What It Means for Meme Coins Shiba Inu and Furrever Token appeared first on Coinpedia Fintech News
Investors look forward to Ethereum’s expected surge and how it could shake up the cryptocurrency market. When Ethereum goes up, it usually impacts other digital coins, especially meme coins. Lately, Shiba Inu and the new Furrever Token have received much attention. These coins have active communities and unique themes. Due to Ethereum’s recent performance, it might undergo significant changes.
SEC’s Upcoming Decisions on Ethereum ETFs and Potential Impact
Ethereum’s current price is around $2,903.95, showing a slight 0.4% decline since yesterday. A digital assets lawyer warned that the SEC may soon classify Ethereum as a security. The SEC is set to decide on several spot Ethereum ETF applications, with VanEck’s application decision due on May 23, followed by ARK Invest/21Shares the next day. BlackRock, Fidelity, and Grayscale also have pending applications.
In March, the SEC raised potential “grounds for disapproval” of BlackRock’s application and Nasdaq’s proposal to list it. The SEC questioned if Nasdaq properly filed its proposal under the rules for Commodity-Based Trust Shares. This inclusion suggests a possible denial because these filings are improperly classified as commodity-based trust shares.
Rather than indirectly excluding Ethereum as a commodity, the SEC might explicitly declare it a regulated security. However, this is considered unlikely due to political tensions, according to Terrence Yang of Swan Bitcoin.
Hopes for spot Ethereum ETFs approval have diminished since the SEC approved spot Bitcoin ETFs in January. On Polymarket, traders estimate a 16% chance of approval this month. Despite SEC Chair Gary Gensler affirming Bitcoin as a commodity, he remains silent on Ethereum’s regulatory status. A lawsuit by Consensys claims the SEC views Ethereum as a security, seeking a federal declaration of it as a commodity.
If the SEC denies the Ethereum ETFs, citing market manipulation, it could face legal challenges and political backlash, similar to its previous stance on Bitcoin ETFs.
Shiba Inu (SHIB) Amid Ethereum’s Fluctuations: A Potential for Reversal?
Shiba Inu (SHIB) is now priced at $0.00002334, down 1% from yesterday. Despite this downturn, the token shows signs of a potential bounce back. Market analyst Dami DeFi highlighted SHIB’s recent price correction, suggesting it might be good. The coin aims to return to its late February rally, which saw a 380% increase from February 25 to March 5, reaching a high of $0.00004567. However, market ups and downs and decreased momentum have led to a nearly 50% drop from this peak.
SHIB has formed a falling wedge pattern during this decline, often signalling a potential reversal. On-chain data supports this, showing significant reductions in SHIB exchange reserves. Since Feb. 29, exchanges have seen an outflow of 13 trillion SHIB, with 5 trillion removed since March 31, indicating a shift to self-custodial storage by investors, potentially for long-term holding.
Despite mixed signals from SHIB’s derivatives data, the falling wedge and reduction in exchange reserves suggest a possible price increase. Analyst Dami predicts a 50% surge, bringing SHIB to $0.00003456 once it breaks out of the wedge.
Shiba Inu’s situation is closely tied to Ethereum’s performance, currently at $2,903.95. Ethereum has struggled to maintain below $3,000, experiencing a 0.4% downtick since yesterday. Significant fluctuations in ETH can influence broader market dynamics, including meme coins like Shiba Inu. A stable or rising ETH could provide the needed market confidence for SHIB to achieve its predicted breakout.
Furrever Token (FURR): The Purrfect Investment Opportunity
Introducing Furrever Token (FURR), the newest sensation in the cryptocurrency world, designed to revolutionize the space with an irresistible dose of cuteness. Priced at an appealing $0.000648, Furrever Token offers investors a unique and delightful experience centred around the universal love for adorable kitties. With the potential for up to 15X returns, this token is more than just an investment—it is an invitation to join a fun, whimsical community.
Built on the BNB-20 blockchain, Furrever Token boasts a total supply of 9 billion tokens, with 65% available during the presale, 25% allocated for DEX listings, and 10% reserved for the team, locked for a year to ensure stability and trust. This carefully designed tokenomics structure supports a robust and secure ecosystem, further enhanced by audits and safety measures.
Furrever Token is not just about financial growth; it’s about creating a warm and engaging community. With features like cat-themed stickers, emojis, and regular community challenges, Furrever Token transforms everyday interactions into adorable experiences. The future promises exclusive content, rewarding the loyal Furrever community with delightful surprises.
Currently, Furrever Token has raised over $1.1 million and is nearing the end of its 8th presale stage. It aims to raise $1.9 million before launching on PancakeSwap. As part of its launch campaign, Furrever Token hosts a $20,000 Highest Total Buys Competition, offering substantial rewards to the top 10 buyers. With prizes ranging from $5,000 to $1,000 worth of FURR, this competition adds an exciting incentive for early investors.
Join the Furrever Token community today and become a part of this innovative, heartwarming crypto journey. Visit furrevertoken.com to learn more and secure your tokens before the presale ends. Don’t miss out on the purrfect opportunity to invest in the cutest crypto on the market!
Join Furrever Token Presale Now:
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