Surprisingly for many cryptocurrency experts, there has been an influx of large-scale investors, also known as whales, leaving Ethereum for one of the newest ERC20 tokens called Raboo ($RABT) due to the hype surrounding its presale success and potential 100x surge post-launch.
Consequently, speculations are also being raised regarding Book of Memes (BOME) on whether it has missed out on the opportunity or attention that Raboo is currently receiving from Ethereum whales. Read on to learn about the recent developments surrounding these cryptocurrencies.
SEC throws cold water on ethereum ETF party: Investors seek alternative crypto havens
Since the Bitcoin ETF launched in January many enthusiasts have been eagerly anticipating the launch of the first spot Ethereum exchange-traded fund (ETF), latest in July 2024. Unfortunately their expectations were cut short after the US Securities and Exchange Commission (SEC) recently decided to suspend the launching.
Because the delay was unexpected, it raised uncertainty about the actual date that the Ethereum ETFs will be launched. Interestingly, some market experts began to think that if Ethereum ETFs are launched, they might not be as attractive as their Bitcoin counterparts, which have already made their mark in the market. Despite ETH being up by 2.1% on the daily chart, this development has caused many large-scale investors to dump Ethereum for now, and search for a better alternative cryptocurrency investment.
BOME soars 17% but experts see greater potential: Is this meme token undervalued
Book of Memes, popularly known as BOME, is the meme token created as an experiment to preserve memes by creating a new kind of decentralized social media platform where memes can live on forever, without being controlled by any single entity. Looking at the chart, BOME appears to be performing well, up by 17% this week and expected to climb from its current price of $0.009869 to a critical price target of $0.028 in a relatively short period of time.
Surprisingly, experts think that BOME is not maximizing its ongoing rally, as some meme tokens appear to be attracting investors more than BOME. This suggests that BOME may have been overlooked or fallen behind in terms of investor interest or market performance compared to the other meme tokens.
The whales have spoken: Why top altcoin investors are flocking to Raboo
Out of many ERC20 tokens released this year, Raboo seems to have caught the attention of the industry's biggest players more with its revolutionary meme-centric project. It's no surprise that the whales of the altcoin market are jumping on the Raboo bandwagon.
Raboo aims to be named among top crypto coins by market cap, and the whales of the altcoin market seem to be rallying behind this vision. Some of the presale token most intriguing use cases are, fostering community engagement, and driving the continuous evolution of memes. The use cases in question have made it an attractive proposition for those who want to maximize their investments in the $62 billion meme market.
Despite being in its presale, Raboo has been performing well, outpacing many other altcoins. The presale token has already raised over $1.9 million and has experienced a 60% increase in its price to a current price of $0.0048. However the story doesn't end here, as experts have forecast the token to potentially surge 100x shortly after it enters the open market.
Conclusion
Despite the SEC's delay of a spot Ethereum ETF, the cryptocurrency market has seen significant activity and shifting investor interest in recent weeks. While BOME has seen a 17% price increase, experts believe it may be undervalued compared to other meme tokens attracting more investor attention.
However, the real story appears to be the influx of large "whale" investors flocking to the new token, Raboo. With a presale event that has raised almost $2 million, it's safe to say that Raboo has piqued the interest of the altcoin market's biggest players and it's on course to be among the top altcoins of the year.
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