Top 3 Memecoins to Monitor Following Ethereum ETF Debut

Ethereum Exchange-Traded Funds (ETFs) made their official debut on July 22, initiating a wave of optimism throughout the cryptocurrency market. As the calendar inches closer to August 2024, crucial on-chain metrics indicate that the memecoin sphere could witness a substantial upsurge.

PEPE, currently positioned as Ethereum’s second-largest memecoin endeavor after Shiba Inu (SHIB), has been a significant beneficiary of the favorable winds generated by Ethereum ETFs, as evidenced by its recent price trajectory over the past three months.

In a pivotal moment on May 20, 2024, a Bloomberg analyst unveiled the groundbreaking news of the approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC). The subsequent chart illustrates PEPE’s price surge, catapulting by a remarkable 92% in just seven days, culminating in an all-time high of $0.000017 on May 27.

Presently, on July 29, PEPE is exchanging hands at $0.000012, marking an impressive surge of over 1000% in terms of year-to-date performance. The correlation between the approval of Ethereum ETFs and PEPE’s price movements in late May suggests that the token could be primed for another rally if capital inflows witness a substantial uptick in August 2024 and beyond.

Turning attention to LAIKA, a promising memecoin nestled within the Solana blockchain, the first half of 2024 has witnessed a surge in interest surrounding the Solana ecosystem, particularly fueled by the stellar performances of native meme coins like Book of Memes (BOME) and Dogwifhat (WIF), which have seen rallies exceeding 1000%.

As the second half of 2024 unfolds, LAIKA emerges as a standout contender in the memecoin domain on Solana, displaying significant promise to replicate the triumphs of its forerunners. LAIKA’s swift rise in prominence can be attributed partially to its innovative marketing strategies, notably exemplified by the launch of its mascot into Earth’s orbit in March 2024, a move that has captivated the crypto community and set it apart from a plethora of other memecoins.

Despite the inherent volatility in cryptocurrency markets, LAIKA’s native token has showcased resilience, with a recent 2% rebound in the past 24 hours, diverging from the double-digit declines experienced by prominent memecoins like SHIB. At the time of reporting on July 29, LAIKA is valued at $0.00006, boasting a market capitalization exceeding $58 million.

A distinguishing feature of LAIKA is its reward-driven Laika Moon Mission Game, offering a compelling avenue for passive income generation. This unique aspect is poised to bolster demand for the token as investors seek stable returns amidst a bearish market climate, positioning it as an attractive asset for diversifying crypto portfolios with utility-driven assets.

In the realm of DJT (Trump Coin), a memecoin that has been generating significant buzz within the cryptocurrency community, all eyes are on its potential trajectory in August 2024. The heightened interest in DJT stems from a confluence of recent developments and market dynamics that are anticipated to fuel its growth.

One pivotal driver is the successful launch of Ethereum ETFs, which has reignited interest in the broader crypto landscape, amplifying liquidity and investor engagement. Consequently, numerous altcoins, including memecoins like DJT, are witnessing heightened trading activity. The increased exposure and accessibility of Ethereum-related assets are cascading benefits to lesser-known coins within the ecosystem.

Another crucial factor propelling DJT’s momentum is the resurgence of Donald Trump as a frontrunner in the US 2024 elections. Trump’s enduring influence in the political sphere has historically reverberated across market sentiments, with his association with the DJT memecoin adding a layer of speculative allure.

Donald Trump’s address at the Bitcoin Nashville conference held between July 25 and July 29, 2024, injected bullish sentiments into the crypto markets. Notably, DJT experienced a rapid 15% upsurge during the conference, retracing towards the $0.00007 level by the reporting date of July 29.

While the direct endorsement by the campaign team remains unconfirmed, the branding of DJT memecoin strongly aligns it with Donald Trump. Recent price movements indicate that DJT’s short-term trajectory is intricately linked to Trump’s fortunes in the ongoing Presidential elections race.

As the electoral campaigns intensify, DJT is poised to attract interest from both supporters and critics eager to engage with a politically-themed digital asset. This positioning firmly places DJT on the watchlist of meme coins to monitor closely in August 2024.

Speculations are rife that bullish catalysts such as inflows from Ethereum ETFs and Donald Trump’s electoral campaign could catalyze a significant surge across the memecoin sector. If the current preference of crypto whales for low-cap memecoins persists into August, tokens like PEPE, LAIKA, and DJT stand poised to make substantial strides in the forthcoming weeks.