2024-01-25 04:28:20 ET
The Securities and Exchange Commission (SEC) has added BlackRock’s application for a spot Ethereum (ETH) exchange-traded fund to the list of delayed ETH spot ETFs. On Wednesday, the SEC
announced
it had postponed a decision on whether to approve or disapprove the proposal to March, 2024.
Meanwhile, despite the market downturn seen since the regulator’s approval of first spot Bitcoin ETFs, crypto remains largely bullish. One of the projects riding this outlook as it outshines others is
Meme Moguls (MGLS)
.
Here’s more on why this is the case.
SEC’s delays and recent BTC dip: Analysts say it’s a buying opportunity
While negative, the news that the SEC had delayed
BlackRock’s spot Ethereum ETF application
did not impact the crypto market as much. According to market analysts, the suggestion here is that this was largely anticipated.
Notably, the greater focus is on a potential approval later in the year. Possible timelines include May and August, the latter being the final deadline for SEC to give a decision on BlackRock’s filing.
Another observation is that SEC’s delay for spot Ethereum ETFs comes in the same month it
allowed 11 spot Bitcoin ETFs
, whose trading has coincided with a fresh correction for BTC and altcoins. Since the spot ETFs began trading, Bitcoin price has struggled with sell-off pressure.
The benchmark cryptocurrency’s price dipped below $40k on Wednesday, extending to lows of $38,600 across major exchanges to see a downturn of more than 13% in the past two weeks.
Although the declines could extend with BTC potentially testing sub-$35k levels and ETH moving below $2k, the overall outlook is that this provides new opportunities for investors. The growing adoption of crypto, with
latest Crypto.com research
showing global ownership on the rise, adds to the bullish view.
Market analysts are
saying
altcoins could be poised to outperform in coming months. Apart from top alts such as ETH, SOL and DOT, meme coins including Dogecoin, Shiba Inu could be big performers.
Presale tokens are also one market segment that continues to churn gems, one of which could be Meme Moguls.
Meme Moguls on top among presale tokens
The potential outperformance of Dogecoin and new viral meme coins is the reason Meme Moguls (MGLS) is making such a wave in the market today.
As the world’s first meme-backed trading exchange, Meme Moguls provides an ecosystem where traders can ride the meme wave to their advantage
On this platform, users will access all the top meme-inspired assets, tapping into real-time market data and trends to maximise their trading profits. Meme Moguls’ stake and earn feature will also allow users an opportunity to earn the native MGLS token via staking and other network rewards.
To bring the fun of meme culture to the ecosystem, Meme Moguls is incorporating gaming and metaverse features, with users able to learn from the best traders in the community as they unleash their trading skills to become moguls in their own right.
The best part is that a surge in meme coins will keep driving Meme Moguls adoption, which combined with the project’s sound tokenomics makes it one of the meme tokens to watch today.
The MGLS token is central to the Meme Moguls ecosystem and is currently in presale.
Investors keen to position ahead of the expected bull run have allocated over $1.9 million in the
MGLS presale
so far. You can buy this token at $0.0036 in stage 5 of the token sale and position for potentially staggering gains when it debuts in the market post presale.
The post
SEC delays BlackRock’s Ethereum ETF as market optimism sees Meme Moguls shine
appeared first on
Invezz
