A new cryptocurrency launched today called $ETHETF Token and it is the go-to digital asset to capitalize on approval of a spot Ethereum ETF from fund giant BlackRock.
Launched at 1pm GMT on Uniswap the price of the coin has rocketed 186% within the first 10 minutes of trading, currently priced at $0.02834. $ETHETF could easily 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, the official filing for BlackRock’s Ethereum ETF was made with the US Securities and Exchange Commission (SEC) by Nasdaq. 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 currently 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. There are many other blockchain ecosystems vying 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.
An Ethereum ETF will take crypto mainstream and ETHETF Token lets you get in early
Just as the approval of 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 end, a fund would need to buy a weighting of the 500 companies that comprise the S&P500 or use derivatives to achieve the same result.
Applying that to ETH, it 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 were able to gain exposure to the precious metal without having to worry 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 head for the moon as Ethereum goes mainstream with ETF approval
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, to incentivize holding the token and to boost its price, each purchase attracts a 2% burn tax.
Burning 2% of the purchase amount eats into the total supply of 1 billion, 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. The tokenomics allocates 95% of supply to DEX liquidity and 5% for CEX (centralized exchange) listings.
To buy the token, simply connect your crypto wallet to the DEX, copy and paste in the contract address to make sure you are buying 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.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Get Ahead of the Ethereum Price Explosion With the ETHETF Token Before BlackRock Ethereum ETF Launches – Price Pumps 400% in Early Action appeared first on Cryptonews.
#IndustryTalk [Source: CryptoNews]