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A new cryptocurrency launched today called $ETHETF Token is the go-to digital asset to capitalize on approval of a spot Ethereum ETF from fund giant BlackRock.
Launched at 1 pm GMT on Uniswap, the coin’s price has rocketed 186% within the first 10 minutes of trading, currently priced at $0.02834. $ETHETF could easily be 10x today as news of the launch spreads.
News that the world’s largest asset manager is planning to launch a spot Ethereum ETF sent the price of ETH rocking through the important $2,000 level.
BlackRock’s move has added to the excitement surrounding the likely approval of the first spot Bitcoin ETF to be made available to investors in the US.
On November 9, 2023, Nasdaq made the official filing for BlackRock’s Ethereum ETF with the US Securities and Exchange Commission (SEC). A few days before, BlockRock had registered a corporate entity in Delaware named iShares Ethereum Trust.
When the Delaware news broke, the price of ETH shot up 3% and then pumped again when the filing was confirmed. Ethereum is trading at $2,048, gaining 10% since the Delaware registration and the SEC filing took place.
Ethereum is the most-used blockchain for running applications based on smart contracts and, as such, is the base layer of Web3 decentralized applications. Many other blockchain ecosystems vied to be Ethereum killers, but none comes close to Ethereum.
But you don’t have to wait for the approval by the US Securities and Exchange Commission (SEC) and their subsequent launch because ETHETF is already trading on decentralized exchanges, enabling savvy investors to get exposure to the Ethereum ETF investment theme and capture the positive returns that have already started to flow.
The Launch Of An Ethereum ETF Is Set To Bring Crypto Into The Mainstream, And The $ETHETF Token Offers An Early Investment Opportunity
Just as approving a spot Bitcoin ETF will provide unprecedented validation for the top digital currency, approval of an Ethereum ETF will have a similar effect.
By providing a regulated way to gain exposure to the crypto asset class, exchange-traded funds promise to transform the existing investment landscape.
Exchange-traded funds track the price of an underlying asset by replicating its price performance. This can often be achieved by mirroring an index such as the S&P500. To achieve this, a fund would need to buy a weighting of the 500 companies comprising the S&P500 or use derivatives to achieve the same result.
Applying that to ETH would mean issuers must buy the asset on the open market or over-the-counter, thus increasing the demand for the token.
ETFs exploded onto the financial scene when the first gold products appeared. Gold was the ideal candidate for the ETF treatment. By tracking an index of the gold price, ordinary people could gain exposure to the precious metal without worrying about custody expenses and accessing liquidity to trade their bullion.
What ETFs have done for commodities, equities, fixed income, and other asset classes, they can also do for crypto. Opening up cheap and regulated access to the two most valuable cryptocurrencies could see a wall of new money flowing into the markets.
ETHETF Price Is Headed For The Moon As Ethereum Valuation Could Go Ballistic With ETF Approval
ETH ETF price chart Via DEXTools
Welcoming Ethereum into the world of ETFs is the $ETHETF Token. If Bitcoin’s defining value proposition is its digital gold store of value properties, then Ethereum can reasonably claim to be the king of dApp blockchains.
As might be expected, $ETHETF is an ERC20-compliant asset, which means it runs on the Ethereum blockchain. This design decision means the coin is linked to the fortunes of the Ethereum ecosystem, providing investors with a foothold inside the ecosystem of the premier blockchain platform.
However, each purchase attracts a 2% burn tax to incentivize holding the token and boost its price.
Burning 2% of the purchase amount eats into the total supply of 100,000,000 (100m), thereby enhancing the value of the remaining tokens.
In addition to the ERC20 connection to Ethereum, the coin also builds into its tokenomics a direct way of celebrating the approval of a spot Ethereum ETF – the 2% burn tax will be lifted when the fund is approved.
Finally, the token’s debut on the Uniswap decentralized exchange is a fair launch as there is no team allocation. Tokenomics allocates 95% of supply to DEX liquidity and 5% to CEX (centralized exchange) listings.
To buy the token, connect your crypto wallet to the DEX, copy and paste into the contract address to ensure you buy the correct coin, and then make your purchase. Be sure to have at least $20 spare in your wallet to pay the transaction gas fee.
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