Will the price of Ethereum rise above $2000? Not before Wall Street Memes reach $15 mln

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Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has broken the $1900 mark as transaction fees fall to an average of $2.45. The $2000 level is also possible, but in the longer term. Such a forecast was put forward by the analytical company Santiment.

While the key cryptocurrencies of the market are in a slight stagnation, the summer looks good for meme coins. In recent weeks, this niche has been experiencing a huge increase in fresh projects, opening up new opportunities in the market.

An alternative to traditional crypto assets is the new Wall Street Memes meme coin

Wall Street Memes (WSM) is a new meme token designed to bring financial prosperity to retail traders. The pre-sale raised over $15 million in 7 weeks, suggesting that WSM could be a promising investment.

Wall Street Memes bases its ideology on WallStreetBets. It’s a popular forum on Reddit that was instrumental in “pumping up” GameStop’s stock in early 2021.

Wall Street Memes has a huge community of active followers. It has over a million members and the memes garner over 40 million views per month. In addition, the published content has caught the fancy of Ilon Musk. The entrepreneur comments and reposts their tweets, which does not happen with every crypto project.

Now investors can buy WSM tokens cheaper than after the placement on exchanges – for $0.0316. In the coming days, the cost will increase to $0.0319 and will continue to rise as each batch of tokens is sold. You can buy meme cryptocurrency for ETH and USDT. Another option is to buy WSM with a debit or credit card.

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Additional features of meme coin:

Developed by the team behind the successful Wall Street Bulls NFT collection and a new series of digital assets on the bitcoin protocol.
A $50,000 giveaway contest for pre-sale stage investors.
Million dollar fan army increases the likelihood of WSM listing on major tier 1 exchanges (Binance or Coinbase).

Ethereum rate forecast

In a recent video on the TechnicalRoundup YouTube channel, trader DonAlt outlined a scenario in which Ethereum (ETH) could experience a significant rally. The current value of ETH is $1990. The cryptocurrency is trading above its key resistance level of $1935.

The trader emphasized that a close above $1935 could trigger a rapid rally, pushing ETH to levels last seen in May 2022. He mentions a target of $2500, highlighting the fact that Ethereum has significant room to grow.

Raul Pal, a former Goldman Sachs executive, also sees the potential for ETH to rise in value. He emphasizes the high performance of the Nasdaq-100 index (NDX) and its correlation with the price of this cryptocurrency.

The analyst predicts that the NDX, driven by trends such as artificial intelligence (AI) and a weakening dollar, will reach new all-time highs along with Ethereum over the next five months.

Pal argues that the weakening of the US dollar index (DXY) is likely to continue and it will break its support at 100 in the coming months. Such a development could boost cryptoassets, including ETH. Pala’s analysis suggests that the positive momentum will take Ethereum to new record highs.

In addition, investment firm CoinShares reported that Ethereum received inflows of $2.9 million last week, indicating a slight increase in positive trader sentiment.

Why have investors started paying attention to meme coins again?

Meme coins like Shiba Inu and Dogecoin started as a joke but already have their own decentralized exchange, collections of non-fungible tokens (NFTs) and ambitious plans. While some meme tokens are experiencing short-term hype, others are evolving into more serious projects.

Meme tokens tend to be worthless, but that hasn’t stopped assets like Pepe from making huge profits for investors. One trader became a millionaire by investing $1,000 in this token. Perhaps for this reason, crypto-enthusiasts started to actively invest in this particular niche.

Nevertheless, buyers should also remember that bullish growth does not happen with every meme coin, so it is worth acting with caution. One of the main reasons why meme tokens are rising in the market is because of the support of their communities. The more fans there are, the more chances of notable profits.

When it comes to meme coins, mentions on social networks like Discord and Reddit can also dictate the direction of an asset’s value. For example, in 2021, Dogecoin was “pumped” by a Reddit group called SatoshiStreetBets. After that, the price of DOGE skyrocketed, making it one of the best cryptocurrencies to invest in.

Similarly, Ilon Musk’s tweets about Dogecoin helped the token get more attention. A similar situation happened with Shiba Inu. Given this history, it is important to pay attention to social media activity to get an idea of the market’s attitude towards a particular cryptocurrency.

For example, even though Wall Street Memes is a new meme cryptocurrency, it already has over 1 million followers on social media. In addition, Ilon Musk’s comments under community posts can also favorably influence the token’s exchange rate once official trading begins.

Wrapping up

While Ethereum is becoming an increasingly popular network thanks to the launch of new cryptocurrencies and applications, the blockchain’s own token is trading well below its all-time high. However, investors have been actively buying meme coins since the beginning of May this year. Some are even making millions on small investments in well-chosen meme cryptocurrencies.

Wall Street Memes is the meme token with the largest community. The popular presale has already raised over $15 million, and early investors can buy WSM at a discount.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.