๐Ÿ”ฅ ETH ETF is approved!

Will the market continue the bullish momentum started by BTC ETFs? ๐Ÿ‘€

GM frens! The market is buzzing with excitement today. It's an exciting time to be in crypto, for sure. The constant innovation, new projects, and evolving trends make every day an adventure.

Today weโ€™re discussing:

  • โ›“๏ธ ETH ETF is approved!

  • ๐Ÿ‘€ Could SOL ETFs be next?

  • ๐Ÿงจ Meme dev set himself on fire trying to pump his coin

  • ๐Ÿ‘ผ Dog from the DOGE meme passes away at 18

Our W3OF Degen portfolio also says โ€œweโ€™re so backโ€ as it gains 27% of its value back.

The last poll concluded with no rebalance changes to be made. A good reminder actually โ€ฆ sometimes itโ€™s just best to Do Nothing.

ETH ETF is approved!

Will the market continue the bullish momentum started by BTC ETFs? ๐Ÿ‘€ 

Just a few days ago most crypto and financial experts had little hope of a ETH ETF approval. However, in a stunning reversal, the SEC has approved eight spot Ethereum ETFs.

This is a major victory for the crypto industry as it finally concedes that ETH is not a security ๐Ÿช™ 

With ETH being such an integral part of the DeFi space and many other prominent projects and services, this decision will have far-reaching implications.

But it's not time to celebrate just yet. These ETFs won't start trading immediately, as the issuers still need to get their S-1 documents approved. This could take a few weeks according to some experts โŒ›๏ธ 

  • Interestingly, in order to gain approval, several issuers removed language regarding staking of customer ETH from their applications.

  • This is due to the SEC's view that offering staking services ๐Ÿฅฉ without proper registration is illegal.

This decision comes after the approval of eleven spot Bitcoin ETFs in January, which have already attracted a significant amount of investment ๐Ÿ’ฐ๏ธ 

With ETH now joining the party, it could open up even more opportunities for traditional financial institutions and investors to gain exposure to crypto without actually holding any themselves.

Some are even calling this "ETH's IPO" as in a massive stamp of approval for crypto. It will be interesting to see how this decision impacts the market and if it can continue the bullish momentum seen in recent months with BTC ETFs.

For now though, this has barely changed Ethereum's price, showing that the market may have already priced in this news.

Bullish market trend continues

In the meantime, BTC is seeing a massive increase in volume during US hours, reaching levels not seen since 2022. This pump in BTC transactions suggests a growing interest and adoption in the U.S market, possibly reaching saturation.

So the market has definitely flipped back to bullish, what can we expect in the coming weeks and months? ๐Ÿค” 

Many believe the bullrun is just starting, while others warn of a potential correction or even a market crash ๐Ÿ“‰ 

Regardless of differing opinions, the overall sentiment remains positive and many are looking to take advantage of this bullish trend.

Could SOL ETFs be next?

Some certainly expect this. CNBC's "Fast Money" trader Brian Kelly has suggested that a spot Solana ETF could follow the potential approval of spot Ether ETFs in the United States, alongside Bitcoin and Ethereum.

  • He suggested that large CEX platforms now understand what a security is and isn't in SEC's eyes, and that Ethereum (ETH) is close to getting fully regulated.

In their latest research report, Bernstein analysts Gautam Chhugani and Mahika Sapra highlighted the potential precedent set by a spot Ether ETF, as it would mark the first time a non-Bitcoin blockchain asset is classified as a commodity. This could pave the way for other coins to receive similar recognition and regulation in the future, for example SOL.

The report also predicts a pump in price for ETH, similar to the 75% increase witnessed by BTC after the approval of spot Bitcoin ETFs ๐Ÿช™ 

And they may not be far off, as earlier this week ETH saw a 20% increase in price as optimism surrounding the potential approval of these funds grew ๐Ÿง  

Whether SOL can be next in line for a spot ETF approval is still up in the air. While Solana has gained significant attention and adoption lately, especially with meme enjoyers, it's still not quite as recognized as Ethereum in the crypto space โ›“๏ธ 

Meme dev set himself on fire trying to pump his coin

The livestreaming meta within the meme crypto space has been pushing boundaries in recent weeks, with devs going to extreme lengths to pump their meme coins ๐Ÿซ  

  • From a mother & son launching a shitcoin live on camera, strip shows, a live boxing match to now devs setting themselves on fire, it seems like there is no limit to what these guys will do for a pump.

This begs the question, has the live streaming meta gone too far?

One recent example of this extreme behavior is the launch of TruthOrDare ($DARE), a meme token on the Solana blockchain.

The developer behind the coin, Mikol, doused himself in isopropyl alcohol and had fireworks shot at him during a livestream on Twitter/X ๐Ÿคช 

The result? Third-degree burns and a trip to the hospital ๐Ÿ’Š 

The dev can be seen writhing in pain while his friends try to put out the flames with water. In a disturbing moment, one friend can be heard saying "Stop recording and start helping" to the person filming ๐Ÿคฆโ€โ™‚๏ธ 

But even despite the horrific incident, Mikol's friends continue to hype up the coin on social media, with updates on his condition being shared in their Telegram group.

As of now, Mikol is stable and recovering in the hospital.

So what kind of viral stunts the degens will come up with next? Hereโ€™s hope that it's not blowing yourself up for token sales.

Hopefully, the community stops supporting these extreme tactics and starts valuing real innovation and use cases in the meme coin space ๐Ÿค 

Dog from the DOGE meme passes away at 18

Kabosu, the beloved dog from the iconic DOGE meme, passed away on May 24th at the age of 18.

According to a instagram post by its owner, Kabosu passed away peacefully in their arms.

The news of Kabosu's passing was met with an outpouring of love and condolences from fans all over the world. In the crypto space as the face of dogecoin, Kabosu captured hearts and inspired countless INU communities that continue to thrive today.

The impact of this one dog cannot be measured, as it led to numerous memes and had a big impact on the crypto market as well. Dogecoin, which was born from this beloved meme, remains the largest memecoin by market capitalization.

In honor of Kabosu, the owners will be holding a memorial ceremony on Sunday at Flower Kaori in Narita City. This event is open to the public and will take place from 1pm to 4pm, as announced on their blog.

Kabosu may no longer be with us, but its legacy will live on forever through the DOGE meme and the community it has inspired ๐Ÿ™ 

Other worthy reads

Onchain AI agents is a big deal, a thread by Bitcoin Sage:

The fact that crypto can influence US politics like that is the biggest bullcase to date:

Stablecoins made more profit than its DEX for Curve:

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The ๐Ÿ”ฅ Team

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