ethereum and eTukTuk are two popular cryptocurrencies to watch out for this week. While ethereum has crossed the long-awaited $4000 mark, eTukTuk pre-sale is on track for the $2 million milestone and a pre-sale.
ethereum network activity is skyrocketing
The FOMO-driven crypto market has taken network activity on ethereum to incredible heights. While on the one hand it generates exorbitant transaction costs, the accompanying price increase benefits investors and traders.
Network activity is expected to gain more strength this week. ethereum recorded an 81% increase in trading volume on Monday to $23,655,029,811. eth's market capitalization, on the other hand, amounts to a whopping $480 billion.
Trading volumes on ethereum-based DEXs continue to drive the price of eth. ethereum's token burning plan adds to the trend, cutting token supply and driving price action.
The upcoming Dencun update is one of the main catalysts for eth price action this week. Scheduled for March 13, the upgrade will bring more scalability, efficiency and security to the network in the short term. It introduces the concept of “proto-danksharding” as a way to reduce the cost of transactions.
Meme Coin Frenzy Pump eth Price
One of the key crypto sectors that has benefited from the pre-halving rally is meme coins. Both established and emerging meme coins have been stealing the spotlight with meteoric rises in recent days.
While high-cap meme coins Pepe and Shiba Inu have extended to $3.82 billion and $20.22 billion, low-cap meme coins are at the forefront of the rally. Investors are expanding their portfolios to accommodate new meme coins due to their large margin of profitability compared to large-cap assets that have become largely saturated.
For example,eth-and-tuk-aim-new-highs-is-5000-a-realistic-goal-for-ethereum-this-week” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> SMOG has recorded a 200% increase in the price chart over the last seven days. When it comes to Shiba Inu, it has dropped to 31.76%. For Pepe, on the other hand, it is a much lower 26%. SMOG's dragon-themed airdrops have sparked a new wave of frenzy in the meme coin market.
eth-and-tuk-aim-new-highs-is-5000-a-realistic-goal-for-ethereum-this-week” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>Scotty the ai ($SCOTTY) is another March meme coin sensation. The new viral token combines two of the most popular crypto trends: ai cryptocurrencies and meme coins. The bullish mania caused pre-sales to quickly sell out ahead of schedule.
But users can still participate at fixed discounted prices ahead of the exchange's long-awaited launch. $SCOTTY is selling for $0.01 now and is available for purchase in both eth and USDT for a limited period.
Is $5000 a realistic target for eth this week?
eth sold above $4,000 on Monday. Increased network activity due to meme coin speculation and the hype surrounding the Dencun upgrade hint at an eventful week for eth.
The price increase driven by the update is likely to slow down after March 13. Rising transaction costs have limited network accessibility. The waning optimism in ethereum ETFs is also likely to impact the price trajectory.
But the broader market rally will continue to support ethereum price action. While $5,000 by the end of the week is a wildly ambitious goal for eth, it is not unattainable in the euphoric market environment.
Next cryptocurrency to watch: eTukTuk pre-sale approaches $2 million
eTukTuk ($TUK) pre-sale is approaching early sell-out. Often cited as the Tesla of developing economies, the project is launching a comprehensive electric vehicle ecosystem that includes a fleet of Tuk-Tuks with electric vehicles, a network of electric charging stations and a rewards and payments system based on blockchain.
The ecosystem's advanced features make use of ai and blockchain integrations that optimize routes to reduce traffic and minimize fuel consumption. By switching to eTukTuks, three-wheeled taxi drivers can benefit from an increase of up to 400% in their income.
The project is led by the vision that electric vehicles should not be limited to developed economies. The climate crisis, being a global problem, needs a global response. Currently, electric vehicles are financially inaccessible to the poor and middle class. Especially in developing economies, the penetration of electric vehicles poses a formidable challenge.
eTukTuk addresses the problem with its technologically advanced, yet economically viable EV solution. $TUK is the ecosystem's native token, which will be used for most payments and rewards.
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