Ethereum and eTukTuk are two hot cryptocurrencies to keep an eye on this week. While Ethereum has crossed the much-awaited $4000 mark, the eTukTuk presale is on its way to the $2 million milestone and an early sell-out.
Ethereum Network Activity is on a Wild Surge
The FOMO-fuelled crypto market has sent the network activity on Ethereum to wild heights. While on the one side, it leads to exorbitant transaction costs, the accompanied price surge favours investors and traders.
The network activity is expected to gain more strength this week. Ethereum recorded an 81% surge in trading volume on Monday to $23,655,029,811. The market cap of ETH, on the other hand, stands at a massive $480 billion.
Trading volumes on Ethereum-based DEXs continue to drive the ETH price. Ethereum’s token-burning scheme adds to the craze, slashing the token’s supply and fueling the price action.
The upcoming Dencun upgrade is one of the major catalysts of ETH price action this week. Slated 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 have profited from the pre-halving rally is meme coins. Both established and emerging meme coins have been seizing the spotlight with meteoric rises over the last few days.
While high-cap meme coins Pepe and Shiba Inu have stretched to $3.82 billion and $20.22 billion, low-cap meme coins are at the forefront of the rally. Investors are expanding their portfolios to accommodate new meme coins due to their large room for returns when compared to high-cap assets that have largely saturated.
For example, SMOG has recorded a 200% surge on the price chart over the last seven days. When it comes to Shiba Inu, it is down to 31.76%. For Pepe, on the other hand, it is a much lower 26%. SMOG’s dragon-themed airdrops have sparked a new wave of frenzy in the meme coin market.
Scotty the AI ($SCOTTY) is another meme coin sensation of March. The viral new token combines two of the hottest crypto trends – AI cryptos and meme coins. The bull mania sent the presale to a rapid sell-out ahead of schedule.
But users can still get involved at fixed discounted prices before the much-awaited exchange launch. $SCOTTY is selling for $0.01 now and is available for purchase in both ETH and USDT for a limited window.
Is $5000 a Realistic Goal for ETH This Week?
ETH has been selling above $4000 on Monday. The heightened network activity due to meme coin speculation and the hype around the Dencun upgrade hint at an eventful week for ETH.
The price surge driven by the upgrade is likely to slow down after March 13. The rising transaction costs have limited the accessibility of the network. The waning optimism in Ethereum ETFs is also likely to impact the price trajectory.
But the broader-market rally will continue to support the Ethereum price action. While $5000 toward the end of the week is a wildly ambitious target for ETH, it is not unattainable in the euphoric market environment.
Next Crypto to Watch: eTukTuk Presale Nears $2 Million
The eTukTuk ($TUK) presale is headed toward an early sell-out. Often cited as the Tesla of developing economies, the project is launching a comprehensive EV ecosystem that includes a fleet of EV Tuk-Tuks, a network of electric charging stations, and a blockchain-based payment and reward system.
The advanced features of the ecosystem make use of AI and blockchain integrations that optimize routes for reduced traffic and minimize fuel consumption. Moving to eTukTuks, three-wheeler taxi drivers can benefit from up to a 400% increase in their income.
The project is led by the vision that EVs shouldn’t be confined to developed economies. The climate crisis, being a global problem, needs a global answer. At present, EVs are financially inaccessible to the poor and the middle class. Especially in developing economies, EV penetration poses a formidable challenge.
eTukTuk tackles the problem with its technologically advanced, yet economically viable, EV solution. $TUK is the native token of the ecosystem, which will be used for most payments and rewards. Users can now buy $TUK at the ongoing presale. It comes with attractive discounts and staking rewards.
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