Ethereum ($ETH) was one of the best altcoins over the last few months, soaring to a new 2023 high. However, the rally abruptly ended, with macro-economic factors playing a part in the decline to $2,100. A new price move could be in the works as whales have resumed accumulating $ETH.
When whales begin the massive accumulation of the magnitude being experienced by Ethereum, there’s often a new price target on the upside. Amidst this euphoria, Galaxy Fox ($GFOX) has emerged as the top altcoin to watch. Will this altcoin pump before Ethereum? Let’s find out.
Ethereum Whales Stack $230 Million – A New Price Move Incoming?
Following the break above $2,000 and $2,000 resistance levels, optimism has returned to the biggest altcoin. A great pointer to this is the increasing accumulation of $ETH by whales. Crypto analyst Ali Martinez has reported an increase in whale activity over the last week.
Martinez noted that Ethereum investors holding between 1,000,000 and 10,000,000 $ETH coins had accumulated over 100,000 ETH in the past week, worth a staggering $230 million. Similarly, other whales holding less than 1,000,000 $ETH have joined the accumulation spree.
What’s behind the massive accumulation from Ethereum whales? Analysts have reported that the surge indicates a firm belief in the continuation of the uptrend. One major influencing factor is the anticipation of the approval of a spot Ethereum ETF.
Analysts have forecasted that if a spot ETF for $ETH is approved, it would allow greater capital inflow from institutional investors. With this scheduled to happen early in 2024, Ethereum has been forecasted to set a new ATH above $5,000, making it one of the best altcoins to buy.
Galaxy Fox ($GFOX) Rallies 100%, Will It Pump Before Ethereum?
Although Ethereum looks set for an increase, no date has been fixed for the approval of the spot ETF. While investors wait, Galaxy Fox ($GFOX) has already notched gains of more than 100%, making it one of the best altcoins in December.
Since $GFOX looks like it will extend its gains, will its price explode before Ethereum? Recent activity suggests that the crypto presale project could. Raising over $1.49 million over the last few weeks, the ERC20 coin is now just inches away from entering its fifth crypto presale stage.
When Galaxy Fox enters its fifth presale stage, its price will increase by an additional 20%. This will see the price of $GFOX jump from $0.00132 to $0.001518. In the long term, the Galaxy Fox has been ranked as one of the top 10 crypto coins to buy for the 2024 bull market. Analysts have forecasted gains of up to 100x for Galaxy Fox.
The reason is simple: Galaxy Fox is on track to revolutionize the entire meme coin sector. Galaxy Fox is leading a new wave of meme coins that are fuelled by utility. The project has built a blockchain gaming ecosystem comprised of a P2E game, an NFT marketplace, some of the coolest NFTs, and a merchandise store.
All the features of this protocol are aimed at increasing ecosystem participation. Users are rewarded for participating in the project. That’s not all; Galaxy Fox has included a taxation system, a great tokenomics model, a deflationary mechanism, and staking rewards.
The aim is to keep the project sustainable for a long period, something 99% of meme coins have failed to achieve. Hence, Galaxy Fox has become one of the best meme coins to buy and hold.
Final Thoughts
The uncertainty about when a spot ETF will be approved for Ethereum leaves Galaxy Fox as the more certain investment option. With its all-around strong protocol and massive support, there seems to be no stopping Galaxy Fox. Now that $GFOX is still in its early stages, you have a great opportunity to stack the coins before its major price pump.
Learn more about Galaxy Fox ($GFOX) here:
Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter
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