Early this year, BTC ETFs were approved by the Securities and Exchange Commission (SEC). Since then, there has been a push from various quarters for similar approval for the world’s second-largest cryptocurrency, $ETH. However, the chances of approval happening keep dwindling day by day. It was also recently reported that the Ethereum Foundation, the non-profit organization that helps develop Ethereum’s blockchain, is facing a confidential inquiry from the government. Meanwhile, $GFOX is breaking records in its presales, and it recently crossed the $5 million mark. Experts have described this memecoin as the most bankable right now in the crypto world.
$ETH Drops 23% as Spot Ethereum ETF Approval in Doubt
Since the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January 2024, investors have been hoping that the Ethereum ETF approval will follow suit. However, this hope of the ETF getting approved appears to be fading, leading to a decline in investor confidence and a dip in the price of $ETH by 23% from $4,092.01 to $3,149.29 between March 12 and 19. Since then, the price has recovered back to $3,500, but the investigation news will no doubt cast uncertainty over $ETH’s near future.
Many top experts in the industry also agree that the approval of this ETF may not happen, especially on or before May 23, the deadline for the SEC to decide its fate. Notably, an ETF analyst from Bloomberg Intelligence, who previously thought there was a 35% chance of approval by May, now believes the Ether ETFs will be denied on May 23. One reason for this pessimism is that the U.S. SEC has not been actively engaging with potential issuers regarding these assets.
The US SEC plays a crucial role in this decision, but they have been quiet about it. In contrast to the communication before the approval of spot bitcoin ETFs in January, there has been a lack of dialogue between the SEC and issuers this time. The analyst from Bloomberg Intelligence sees this as a worrisome sign and suggests that the SEC may be reluctant to move forward with these products.
Seven issuers compete for approval, including big players like BlackRock, Fidelity, and Invesco. Grayscale, VanEck, and Hashdex are also hopeful contenders. All of them are eager to launch the first spot ether fund in the U.S. market.
$GFOX Crosses $5.2 Million In Presales, Set To Launch With Full Force
Investors’ overwhelming demand for $GFOX is becoming more evident with its remarkable success in its ongoing presale. The token has just raised $5.2 million, an incredible amount many people think cannot be achieved by a meme coin. As a result of its unmatched success, $GFOX has become one of the best memetokens in the ecosystem.
It is a hybrid ERC-20 memetoken with multiple use cases and advanced features. One of such is its deflationary model. This model helps to reduce the amount of $GFOX tokens in circulation so that they can become rarer, thereby potentially increasing in value.
In a bid to encourage its long-term holding of the token, Galaxy Fox offers its users an opportunity to stake their $GFOX tokens to earn passive rewards after some time. The rewards are usually reserved on the platform’s Stargate, which is its central hub for distributing rewards within the ecosystem.
The total supply of Galaxy Fox tokens is 5 billion. 3.5 billion is allocated to the presales, and almost 90% of it is sold already. The remaining tokens were allocated to various aspects like the liquidity pool, which takes 10% of the total supply, the ecosystem 10%, competition, bonus, and prize 5%, and finally the team takes 5% of the total supply too. In a matter of days, $GFOX is expected to enter the market and be traded like other cryptocurrencies in various exchange platforms.
Conclusion
Since the Ether ETF approval is less likely to happen and the price of $ETH is declining, investors have begun searching for better alternatives. One of such alternatives is $GFOX, the versatile token with great potential to skyrocket massively and deliver huge gains to investors.
To stand a chance to earn remarkable gain, join Galaxy Fox today. Visit the website to get started and join the telegram community for more updates.
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