Altcoin
VanEck Declares Zero Fee for Spot Ethereum ETF Gearing Up for July 2 Launch
Soon after VanEck filed Form-8A for its spot Ethereum ETF on Tuesday, June 25, another filing suggested that it would completely waive the ETF fees for an unspecified time till 2025, or until the assets hit $1.5 billion, whichever comes earlier. With analysts expecting July 2 as the launch date for the Ethereum ETFs, issuers like VanEck are already raising the competition bar.
VanEck Eyes Leadership for Spot Ethereum ETFs
In a recent email to ETF.com, Matthew Sigel, head of digital assets at VanEck outlined the firm’s strategic approach to crypto ETFs. He said that VanEck “aims to be a leader on crypto ETF fees even if it means we lose money at the outset.”
He further added that the plan is “to make it up on volume; in this case, decentralized finance volume”. Sigel said that if the Ether ETFs manage to spark a renewed interest in Ethereum, it would boost the network activity, ultimately driving the Ethereum price higher.
Also Read: ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks
Additionally, Sigel stated that VanEck is also exploring investments in Ethereum-based DeFi projects such as Aave and Curve, highlighting the firm’s greater interest in the decentralized finance (DeFi) sector.
VanEck Triggers A Fee War
Currently, VanEck and Franklin Templeton are the only prospective issuers who have declared the fees for the Ether ETFs. Previously, Franklin stated that it would charge a 0.19% fee for its spot Ethereum ETF.
Bloomberg Intelligence ETF analyst Eric Balchunas said that issuers usually don’t disclose their fee structure until the very last of the launch period. Moreover, he said that firms are awaiting BlackRock’s call before making a move.
“What BlackRock is going to charge is prob the single most imp missing variable outside of exact launch date. Their fee is the sun that the rest will need to orbit around. Must be nice,” he said.
The removal of the Ethereum staking feature from the spot Ethereum ETFs would be a crucial factor in deciding on the ETF fees. With direct investments in Ether, investors can earn an additional 3% yield by staking their ETH. Thus, ETF issuers will have to go the extra mile to attract investors to invest in Ethereum ETFs.
In a major update, SEC Chair Gary Gensler said that the progress on spot Ethereum ETFs is very smooth for the moment.
Also Read: Spot Bitcoin ETFs Vs. Spot Ethereum ETFs: Which Is The Better Buy?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In what comes as a bullish market event, the Shiba Inu burn rate skyrocketed 600% on Wednesday, sparking immense optimism among traders amid a broader sector recovery. Recent burn data indicated that over 3 million tokens were taken out of the meme coin’s circulating supply. As an upshot, crypto enthusiasts expect a massive SHIB breakout ahead, driven by supply reduction and the community’s recent advancements.
Shiba Inu Burn Rate Blows Over 600% Echoing Bullish Market Sentiments
According to the latest data by Shibburn, the Shiba Inu burn rate shot up nearly 613% on January 22, dealing a massive blow to the circulating supply. Per the data, the massive burn rate surge came against the backdrop of 3.24 million tokens sent to a null address, thus permanently removing them from the supply.
For context, the SHIB burn mechanism is designed to reduce the crypto’s market supply, which many believe to be the reason behind the dog-themed meme coin’s broader sluggish performance. Thereby, with the abovementioned burn rate surge weighing in, traders and investors anticipate price gains for the crypto asset in light of the law of supply and demand.
Community Developments Add To Market Optimism
Further, a stockpile of ecosystem developments in recent days appears to have additionally bolstered the market sentiment for Shiba Inu amid its burn rate surge. CoinGape reported that SHIB lead developer Shytoshi Kusama stated a “big week” lies ahead for the meme token. This statement has sparked market-wide speculations of a looming advancement for the coin’s community.
Moreover, with American billionaire and investor Mark Cuban lauding SHIB’s potential recently, market watchers are extensively eyeing the crypto with bullish long-term views. Particularly in light of the community’s long-term goals and support, Cuban finds the meme coin to be one of the few promising projects in the sector. Overall, the Shiba Inu burn rate surge and these developments have solidified investors’ sentiments of a looming breakout, further driven by the recent pro-crypto Donald Trump frenzy.
What’s Next For SHIB?
At the time of reporting, SHIB price witnessed a 4% uptick in value, reaching $0.00002054. The coin’s 24-hour low and high were $0.00001983 and $0.00002127, respectively.
Notably, the coin rises alongside the intraday Shiba Inu burn rate surge and positive market sentiments building against the backdrop of Trump’s win and meme coin sector recovery. After a waning action yesterday, DOGE, PEPE, and TRUMP, among other meme coins, witnessed a remarkable upswing.
In light of this recovery-like trend, crypto enthusiast ‘VipRoseTr’ revealed on X that a $0.00004029 price target is ahead for the asset. Also, a recent Shiba Inu price analysis by CoinGape further cements the chances of a breakout approaching, as the coin showcases the potential to gain 100x this year.
This bullish prediction comes riding the back of strong market technicals and price patterns, flagging that a potential run to $0.00003340, followed by the March 4 high of $0.0000455, is possible. However, the $0.00001565 support remains extensively eyed by market watchers, given the crypto realm’s dynamic nature.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Donald Trump’s DeFi project World Liberty Financial is on a Tron buying spree after loading up on Ethereum earlier this week. In the last few hours, the project spent a total of $2.65 million USDT stablecoin to load up its TRX holdings. As a result, the TRX price is seeing a strong 5.76% surge amid fresh buying interest for the altcoin.
World Liberty Financial Accumulates Tron (TRX)
World Liberty Financial, the Donald Trump-owned DeFi project, has been aggressively expanding its crypto holdings with fresh Tron purchases. Data from Arkham Intelligence shows that the project has recently spent 2.65M USDT to acquire 10.81M TRX.
Following the current acquisition, the DeFi project holds a total of 30.11M $TRX, valued at $7.38M. The latest purchase by the DeFi project comes following massive Ethereum purchases earlier this week.
Additionally, on-chain data shows that World Liberty swapped 5,252 ETH, worth 17.43M, for stETH, and later staked it with Lido Finance. Over the past three days, the fund has invested a total of $168.4M in six tokens.
This includes $99.95M in Ethereum, $47M of WBTC, $7.35M in Tron (TRX), and another $4.7M each in AAVE, ENA, and LINK. Interestingly, World Liberty Financial has increased its positions in every token except ONDO, reported Spot on Chain.
Justin Sun Celebrates the Development
Tron founder Justin Sun celebrated this development while making big investment promises moving ahead. In his message on the X platform, Sun noted:
“Bought again! TRON has now become the 3rd largest asset held by World Liberty Financial, the president’s crypto project, with a current holding of $7.3 million TRX”.
Furthermore, Sun made big investment promises while commenting on Eric Trump’s post. Earlier today, Eric Trump noted that there’s no better time to invest in the United States and invest across sectors like technology, innovation, and crypto. Responding to this Sun said:
“Fully agreed! We have an outstanding plan that will bring over $200 billion worth of business to the United States. This will be massive and meaningful!”
Tron founder Justin Sun is himself one of the early investors in World Liberty Financial. Earlier this week, he expanded his investments into the DeFi project by acquiring WLFI tokens and taking total investments to $75 million.
TRX Price to Rally 100% From Here?
As of press time, the Tron price is trading 5.7% up at $0.251. As per the Coinglass data, the Tron futures open interest is up 14% to $258 million hinting bullish sentiment among traders.
The TRX price has been trading within a broad descending channel for the past several weeks, following a sharp rally to $0.45 in December. This price action has resulted in several swing highs and lows, indicating a battle between buyers and sellers.
On the RSI, there is a hint of a potential bullish divergence. A falling wedge pattern is emerging, suggesting a possible upside breakout. Additionally, Fibonacci retracement levels point to a potential move toward $0.30 at the 0.50 RSI level and $0.33 at the 0.382 RSI level. In his recent analysis, crypto analyst AMCrypto stated that the TRX price could reach as high as $0.50 by the end of Q1.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Dogecoin whale’s bullish trade continues on Monday, nabbing substantial attention from crypto investors. Notably, as nearly 80 million DOGE was accumulated by a whale, market sentiments of a looming price rally for the token have surfaced globally. Moreover, a top crypto analyst has further revealed a $15 price target for the dog-themed meme token, the accumulation has gained additional traction.
Dogecoin Whale Bags 80M Tokens Igniting Optimism
According to the latest data by Whale Alert, a Dogecoin whale purchased 78.57M coins from Binance. As per the data, the address D5nuZhL.. made the purchase worth $29.86 million.
Primarily, the accumulation right ahead of Donald Trump’s inauguration ceremony underscores market sentiments of bolstered prices ahead, attributable to the pro-crypto Republican’s win. Further, it’s also worth mentioning that Dogecoin-backer and American billionaire Elon Musk is set to begin his D.O.G.E. role under Trump’s presidency.
Overall, the whale’s accumulation in light of these events has supported investor sentiments of price gains ahead. It’s also noteworthy that CoinGape previously reported DOGE whale activity is rising, adding to optimism surrounding future movements.
DOGE Price Shot Up 20% In a Week
At the time of reporting, DOGE price illustrated a highly turbulent action, ultimately soaring by 2% to $0.3772. The coin’s intraday low and high were $0.3472 and $0.3983, respectively.
Further, the weekly chart for the asset showcased gains worth 20%. Altogether, the broader rising movement, supported by whale buying, has solidified investors’ bullishness on future movements. The top meme coin is expected to hit a new all-time high soon.
Analyst Points Out $15 Price Target Ahead
Simultaneously, renowned crypto market analyst Ali Martinez has recently predicted a $15 target price for Dogecoin, sparking market discussions as the even whale data aligned with bullish projections. Ali revealed that DOGE appears to trade inside a multi-year ascending parallel channel that indicates a bullish price target of $15.
As a result, traders and investors are eagerly awaiting phenomenal gains in one of the leading dog-themed meme coins in terms of market cap, with bullish sentiments further supported by rising Dogecoin whale accumulations.
While everyone focuses on $TRUMP, whales bought 1.83 billion #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/ozznJzflg2
— Ali (@ali_charts) January 19, 2025
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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