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

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.