The last two quarters of 2023 have been astounding for almost all crypto investors — except Ethereum ($ETH) maxis. Solana ($SOL) has been on a tear, Avalanche ($AVAX) followed, and presales have been absolutely sending. But the Ethereum ETF decision has been delayed, and the price of $ETH continues to flounder. Always recommended as a crypto for beginners, why has $ETH underperformed this cycle? And why are presales like Galaxy Fox ($GFOX), reaching over $1 million in funding, performing exceptionally?
Ethereum ($ETH) Spot ETF Decision Delayed: Can $ETH Make A Comeback?
When BlackRock announced a bid for a Spot Ethereum ETF in November 2023, Ether’s price barely moved. This should have been a news event that sent $ETH skyrocketing. What has happened to Ethereum? Most investors are already over-allocated, and $ETH’s enormous market cap mandates a colossal capital influx to move its price meaningfully. In simple terms Ethereum is stuck in the middle. Institutional investors want $BTC exposure, and are frontrunning the ETF decision. Crypto-natives want more exciting returns and are buying alternative layer ones again, flipping memecoins, or participating in presales like Galaxy Fox. In this no man’s land is Ethereum. And the most recent ETF delay from the SEC kicks the can down the road until well into next year for any type of approval.Can Ethereum make a comeback, and is it still a solid crypto for beginners? Post Bitcoin ($BTC) Spot ETF the potential will certainly be there as the $ETH ETF will be the following narrative to chase. But Ethereum’s current position perfectly highlights the double-edged sword of being one of the top ten cryptocurrencies. Large market caps are hard to move, and in the current meta of 10xs and 100xs, few crypto-natives are interested in buying $ETH.
Galaxy Fox ($GFOX) Tier 1 P2E Project
Galaxy Fox is on the other side of the aisle, and this nascent presale wants to print a 100X in 2024, explaining the surge of investment. Already passing $1.2 million $GFOX is tearing and excelling in the current meta, making it the top crypto to buy now.
A play-to-earn project integrating the best of the memecoin genre to become a P2E/ meme hybrid. The P2E structure comes from its runner game, where the top 20% of players earn prizes each season. They can augment their in-game stats via purchasing one of the protocol’s 3,000 unique NFTs. The memecoin side comes from the viral aesthetic, small market cap, and the introduction of a token burn. This will be one of several value accrual mechanisms for investors. Galaxy Fox will permanently remove tokens from circulation, and when supply goes down while demand remains constant or increases, the price always skyrockets. Another significant factor in Galaxy Fox’s success in building early momentum is its taxation system. Buy and sell taxes route capital throughout the protocol, allowing it to take a proactive approach to growth. 2% goes directly to Stargate — the protocol’s rewards hub, which pays out rewards to investors. A simple and effective source of passive income for all $GFOX holders. Additionally 2% goes to the Treasury, which funds community initiatives and marketing efforts to drive long-term growth and acquire users. Analysts forecast $GFOX 100Xing in 2024 because of the potential for a flywheel to activate. More users entering the ecosystem means more taxation revenue, this means greater staking payouts and more revenue for the Treasury, this means more marketing and enhanced user acquisition. Could $GFOX go on to be 2024’s best performer?
Closing Thoughts: Being Right Or Making MoneyCrypto markets are unforgiving, and investors often have to pick between being right and making money. Ethereum may be the space’s leading smart contract hub and blockchain network, seeking to become a global computer. This investment thesis may be correct but will not generate oversized returns. $ETH is a great crypto for beginners starting in the space, but anyone who wants to make a dent in this cycle needs to look farther afield. The Galaxy Fox presale is a classic example of how small-cap disruptors shine in the current meta. Participate and join the side that prioritizes making money over being right today!
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Source: https://cryptodaily.co.uk/2023/12/ethereum-etf-decision-delayed-as-eth-price-flounders-gfox-presale-crosses-1-million-level