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Ethereum has shown remarkable growth recently. In particular, meme coins are flourishing on Ethereum and displaying impressive performance. As ETH’s price continues to climb and ETH’s meme coins gain traction, will the market sentiment gradually turn optimistic? Could this be the start of a major bull market? We will see.
Behind Ethereum’s Bullish Momentum: Technical Upgrades and Ecosystem Demand
In March 2024, Ethereum rolled out its Dencun upgrade and dramatically cut L2 transaction costs. This upgrade has had a substantial impact on the entire Ethereum ecosystem. The upcoming Pectra upgrade is also highly anticipated.
According to official Ethereum sources, Pectra is scheduled to roll out in Q4 2024 or Q1 2025. After this upgrade, regular Ethereum accounts will be more programmable, L2s will be more affordable, smart contracts will be more efficient, and validators will be more flexible to manage. This upgrade will attract traditional financial capital to Ethereum, thereby driving vigorous growth in Ethereum’s value.
JPMorgan has also predicted that Ethereum will outperform Bitcoin in 2024, viewing the upcoming upgrade as the key catalyst for Ethereum’s growth. The steady progress of Ethereum 2.0 offers the entire network greater scalability and energy efficiency. In addition, the introduction of the staking mechanism and the implementation of the EIP-1559 upgrade have somewhat eased market selling pressure and increased the scarcity of ETH.
The robust demand from the DeFi and NFT ecosystems is equally crucial. The majority of DeFi and NFT applications on the Ethereum network still have a strong demand for ETH, thus driving up its price. Particularly as Ethereum is the foundational network, many emerging projects still rely on its security and mature ecosystem.
Meme Coins on ETH: Mars Concept Takes Off
Recently, the Mars-inspired meme coins led by TERMINUS have witnessed explosive growth. The meme coin project, identified as TERMINUS, which is “the first human city on Mars” envisioned by Musk, has become the latest market sensation following its CTO (community takeover).
Mars-inspired meme coins include the following:
- TERMINUS: The future “First City on Mars”
- BAR: Another “First City on Mars”
- THOG (The Heart Of Gold): Focused on the concept of the “First Mars-bound SpaceX Craft”
- MARS: Mars, Musk’s ultimate destination
The above token IDs are tied to Musk’s passion for science fiction. While some have been mentioned in his tweets, others are merely jumping on the bandwagon. After a brief wave of speculative frenzy, many of these projects are on their way to crashing to zero as expected. Nevertheless, recent standout meme coins are primarily on Ethereum, helping to revive and revitalize the Ethereum ecosystem.
The Return of Ethereum: A Prelude to a New Crypto Boom
Factors such as the end of Germany’s selling spree and Mt.Gox repayments, the launch of Ethereum ETFs, and the upcoming Pectra upgrade have all laid the groundwork for a major Ethereum bull run. Although market uncertainties remain, the current trends suggest that Ethereum’s major bullish market may begin as early as October and witness substantial growth in 2024.
In addition, the development of ETH’s meme coins is likely to further blend with the mainstream crypto ecosystem. For instance, as the DeFi and NFT ecosystems continue to mature, more meme coins may attempt to integrate deeper into these fields and may even introduce innovative products applicable in the real world.
Overall, Ethereum’s strong performance has reinvigorated the market, while the rise of ETH’s meme coins offers investors a wider range of options. However, amid this fast-changing market, investors should carefully assess risks while seizing opportunities. With Ethereum’s continuous technological progress and community-driven innovations, we may be at the dawn of a new round of crypto boom.
Note: This paper should not be considered as investment advice.
