The crypto market was hit with positive Ethereum ETF news at the start of this week, which helped boost the prices of most altcoins. Bloomberg analysts increased the chances of Ethereum ETF acceptance from 25% to 75% yesterday, providing a boost to the entire crypto ecosystem.
Ethereum itself produced the best single-day performance of this bull run, with the ETH price surging 17%. However, ERC20 tokens, which are built on the Ethereum blockchain, are stealing the spotlight today.
Will Ethereum ETF get approved? Chances Are Higher Now
On Monday, May 20th, Bloomberg ETF analyst Eric Balchunas posted on X (formerly Twitter), raising his chances of a spot ETF approval from 25% to 75%. This post now has over 4.4 million views, causing a ripple effect throughout the market.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
Ethereum’s price pumped from around the $3000 area to close to $3700 following this news. Some ERC20 tokens that are part of the Ethereum ecosystem also performed well, with Lido DAO (LDO) price pumping over 30%, and Uniswap’s coins, being the biggest DEX on Ethereum, also pumping over 20%.
Arbitrum (ARB) price reacted well with a 17% pump, while Ethena (ENA) price also pumped 16%. At press time, when looking at the biggest gainers from the top 100 coins in the last 24 hours, 6 out of the first 7 gainers are ERC20 tokens, with only BONK there as a Solana meme coin. The hottest ERC20 meme coin PEPE also pumped 20%.
Source: CoinMarketCap/Top Gainers
So, this leaves investors thinking – what are the best ERC20 tokens to invest in right now? With the ETF ETH buzz, this has become a hot topic.
Best ERC-20 Tokens to Invest in Now
One of the most popular crypto YouTube channels out there, 99Bitcoins, which has over 700k subscribers, highlighted the best crypto to buy now in their latest video. In fact, 2 altcoins they mentioned are ERC-20 tokens.
The first one is Dogeverse, and they mentioned that in about 10 days, we should see Dogeverse go live following a successful crypto presale. It’s one of the hottest meme coins out there right now, with about 20K followers on X and getting lots of likes, retweets, and impressions. The community and culture are strong, and it has a maximum supply of 200 billion tokens. One Dogeverse token is 0.0031, and it is available on six different chains. This coin raised over $15 million in the presale.
The second ERC-20 token is WienerAI. It is about to hit the next stage of the presale at 0.0078, having raised 2.3 million of their 2.37 million target. If you like artificial intelligence and meme coins, this could be a high-risk, high-reward play. It has a total supply of 69 billion tokens and is getting a lot of coverage. Their X page has 9.5K followers, and it could be a recipe for a big pump soon.
Ethereum ETF Approval Could be a Game-Changer
The potential approval of an Ethereum ETF could be another game-changer for the crypto industry. While Bitcoin ETFs were approved in January of this year, paving the way for institutional investment in the leading cryptocurrency, an ETH ETF would open up new avenues for investment in the second-largest cryptocurrency and its ecosystem.
This is why ERC-20 tokens that are build on Ethereum, such as Dogeverse and WienerAI, could be the next cryptos to watch as we experience another leg up in this bull cycle.
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