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The Ethereum price is up almost 10% in the last 24 hours to trade at $2,442 as of 8:29 p.m. EST as trading volume jumped 45% to $23 billion.
This surge comes about as ETC Group says ETH could outperform Bitcoin in 2024. André Dragosch, the Head of Research at ETC Group, highlighted that the anticipated turnaround in Ether’s performance relative to Bitcoin next year will be driven by its technological advancements and Ethereum’s prominent position as a leading smart contract platform.
In a recent report from ETC Group, Dragosch highlighted factors that could drive an increase in the price of Ether. One such factor is the deflationary “burn mechanism” introduced through Ethereum Improvement Proposal EIP-1559 in August 2021.
“Ether’s net supply issuance is at a negative 1.1% per annum, with approximately 1.84% per annum currently being burned. Traditional investors can view the staking yield as a type of equity dividend, while the burn rate can be seen as an equity buyback yield,” said Dragosch
The Ethereum Price Poised To Break Above The Ascending Triangle
The Ethereum price shows signs of a breakout from the ascending triangle pattern at $2420, which signals a continuation of the bullish trend.
ETH targets a new high, trading above the 50-day and 200-day simple moving averages. This confirms the prevailing bullish sentiment and establishes short-term support levels.
The Relative Strength Index (RSI) is bullish as it moves upward from the midline level of 50 to 67, nearing the overbought threshold of 70.
The Ethereum Price Could Reach $3,000
Bullish investors maintain a sustained upward trend, anticipating movements above the ascending triangle. Their target is a potential peak of approximately $3,000, with expectations set for the first quarter of 2024.
However, a potential downside scenario is possible, allowing bears to influence a decline in price toward the support zone at $2,240, which aligns with the lower boundary of the ascending triangle.
As the Ethereum price keeps surging, investors who are looking to make a quick 100X in 2024 should consider investing in $SPONGE and Meme Kombat. Experts say that these two coins are among the best meme coins to buy in 2024.
Meme Kombat Secures $5 Million, Buy Now, 5 Hours to Price Hike
The new rising Play-to-Earn (P2E) project, Meme Kombat (MK), has surged past $5 million in funds raised.
We have reached $4.8 million in the $MK presale🥊
LFG🚀 pic.twitter.com/JsZprP66ik
— Meme Kombat (@Meme_Kombat) December 27, 2023
Meme Kombat innovatively offers AI-generated battles, unifying GameFi with meme characters and allowing players to wager on their preferred meme characters, with the potential for substantial rewards if their chosen characters win.
An increasing number of investors are showing interest, anticipating considerable returns playing in season 1 of Kombat. In its presale phase, Meme Kombat offers investors an opportunity to purchase MK tokens at a reduced rate of $0.257 before the price increases to $0.268 in about five hours.
In 24 hours we will be increasing the price of $MK from $0.257 to $0.268⚔️
Get it now at $0.257! pic.twitter.com/8tI0ATMEzi
— Meme Kombat (@Meme_Kombat) December 27, 2023
As an investor, you can also earn passive income by staking your acquired MK tokens, which guarantees an impressive 190% annual percentage yield (APY). This staking feature is particularly attractive to investors who view Meme Kombat as a significant player in the future of meme coins.
📣 Major Update 📣
The Meme Kombat Staking Dashboard is officially live and ready to be used by you!
Take a break from Kombat and visit the staking dashboard here: https://t.co/nNFEYESjPs pic.twitter.com/yswl0esb4G
— Meme Kombat (@Meme_Kombat) November 9, 2023
Jacob Bury, an expert crypto analyst and YouTuber, recently reviewed the Meme Kombat project. He says the coin has the potential to 10X upon its launch.
To buy MK tokens, visit the official Meme Kombat website, connect your Web 3 wallet, and exchange your ETH, USDT, or BNB for MK tokens.
Last chance to Buy SPONGEV2 Before Listing, 100X Returns
Following an astounding surge of over 2900% with its initial release, Sponge V2 is making a comeback with enhanced features. This new version promises even more gains when it launches, with experts predicting it to replicate its previous success with 100X returns. Investors can buy and stake $SPONGE through the provided widget to receive an equivalent bonus in V2 tokens.
Accumulate more tokens by staking before the claim date.
https://twitter.com/spongeoneth/status/1738877238907371738?s=20
SPONGEV2 is a new ERC-20 token on Ethereum, utilizing a stake-to-earn strategy that may, for the second time, deliver 100X returns on investment.
https://twitter.com/spongeoneth/status/1736710430888739065?s=20
Sponge V1 achieved a market capitalization milestone of $100 million, boasting a community of more than 13,000 holders.
The project also garnered the support of 30,000 social followers and secured listings on over 10 centralized exchanges, such as LBank, Toobit, CoinW, BTCEX, Poloniex, MEXC, Gate.io, Bitget, BitKan, and BitMart.
If you currently hold original $SPONGE tokens, you can stake them in the SPONGEV2 smart contract through the token website. Doing so will automatically secure your share of the V2 token upon its launch.
Even Justin Sun Holds $SPONGE
To show how much potential SpongeV2 has, even Tron CEO Justin Sun is a holder of Sponge tokens. This comes some months after he tweeted that he would start investing in meme coins.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
According to information from Etherscan, a wallet linked to Justin Sun, identified as “0x176f3dab24a159341c0509bb36b833e7fdd0a132,” possesses $SPONGE tokens valued at an impressive $43,581. This wallet’s details are accessible for viewing on DeBank.
A key feature of SPONGEV2 is its fixed four-year staking period, allowing stakers to accumulate tokens with an impressive 629% annual percentage yield (APY). Upon the completion of the staking period, claiming SPONGEV2 tokens will be done through the official SPONGE website.
If you're holding original $SPONGE tokens, you must stake them in our V2 smart contract via the website home page. 🙌
You'll automatically secure your share of the V2 token upon launch. 🚀
GO GO GO 🧽🧽🧽🧽#Sponge #Web3 #Crypto #Alts pic.twitter.com/I6eX3nQVGN
— $SPONGE (@spongeoneth) December 23, 2023
Additionally, Sponge is introducing a new Play-to-Earn (P2E) to further enhance its real-life utility. The game will include a free and premium edition. In the free version, players can enjoy the game for leisure.
The paid version allows users to use $SPONGEV2 tokens to obtain additional game credits, enhancing their chances of earning more $SPONGE. With this new feature, $SPONGE is poised to attract even more investors, making it a must-buy token before 2024.
Exciting News! 🧽🚀
There will be a free and paid version of the new Sponge #P2E game.
You can play for fun on the free version, or use $SPONGEV2 tokens to purchase additional game credits and earn more $SPONGE 😎#MemeCoin #Presale #Crypto pic.twitter.com/kJsqBY3wQ3
— $SPONGE (@spongeoneth) December 27, 2023
To buy Sponge V2 tokens, connect your Web3 wallet to the official Sponge.vip website, swap your ETH or USDT for v2 tokens, or use your bank card to buy directly.
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