As the July 23 deadline for the Ethereum ETF to be listed in the United States approaches, there will be a huge influx of funds into Ethereum, potentially pushing its price to new highs. The listing is also expected to affect several meme coins associated with Ethereum, pushing up their prices. Here are the meme coins to watch that could bring in big profits.
1. SHIB
The second largest meme coin Shiba Inu has a market cap of $10.3 billion despite the presence of a descending channel on the daily chart. The correction phase resulted in a 50% drop in price from $0.000035 to the current price of $0.00001752.
The memecoin is falling again as the current bull cycle within the channel has failed to surpass the 23.60% Fibonacci level. However, a broader market reversal and increasing FOMO could push SHIB price beyond the channel.
A breakout rally could peak at $0.000035 and then start an increase towards the 1.618 level, which is $0.000057.
2. BABY
Pepe is an Ethereum-based meme coin designed to rival Shiba Inucoin and Dogecoin. With the upcoming launch of an Ethereum ETF, traders expect assets related to the Ethereum ecosystem to rise.
Pepe is currently ranked third among meme coins with a market cap of $4.9 billion. Its price is 0.00001162 and it has fallen by 1.3% in the past 24 hours, but with the launch of the Ethereum ETF, its growth potential is still great.
3. FLOKI
Floki is an older meme coin inspired by Elon Musk that has evolved from a meme to a globally recognized brand. As an ERC20 meme coin with a large number of holders, Floki is expected to benefit from Ethereum ETF approval.
Floki is currently trading at $0.000177, down 1.14% in the past 24 hours, but it remains a strong contender in the meme coin market due to its established influence and community support.
4.BRETT
With a market cap of $1.2 billion, PEPE’s close friend is quickly gaining fame in the meme coin space. BRETT is ranked 63rd among the top 100 cryptocurrencies by market cap and is trading at $0.1289, with an intraday correction of 2.78%.
In the daily chart, the BRETT token is showing a pullback phase leading to the overhead resistance trendline. Moreover, as per the trend-based Fibonacci levels, the BRETT price is struggling to break above the 23.60% level.
As the broader recovery gathers pace, the meme coin could signal a continuation of the uptrend by breaking out of the trendline. Fibonacci levels suggest that the price could jump to $0.26 or $0.36.
With the launch of the Ethereum ETF, these meme coins will see potential growth, so it will be worth paying attention to in the coming days.
