Ethereum and other altcoins now can get support from a very strong player.
Michael Saylor, the head of MicroStrategy, made a loud statement in favor of Ethereum functionality. In his opinion, the platform of the leading altcoin can completely replace the banking business. Specifically, a top executive told CNBC:
– You have digital applications like Ethereum that wants to dematerialize the JPMorgan building, and banking establishment and all of the exchanges.
When asked why MicroStrategy continues to invest in bitcoin, Saylor said that bitcoin is “a granite foundation and will be forever.”
Despite the optimistic statement from the top manager, ETH did not rise, but continued to fall and is trading below $2500. Ethereum could skyrocket after the London upgrade is implemented in July, analysts said. A return to the growth trajectory will occur highly likely on the eve of the upgrade. Experts expect ETH to hit its all-time high (ATH). The current ATH of $4362.35 was reached on May 12, soon after that ETH fell below $2300 and has since been trading in the $2200-2600 corridor.
Experts also associate the possible growth of ETH with the popularity of so-called “meme” tokens, such as Shiba Inu, Shiro Inu, Hikaru Inu, Moonretriever. The initial token sale of such projects is held, as a rule, as IDO (Initial DEX Offering), on decentralized exchanges, for example, on Uniswap, which operates using Ethereum blockchain.
Meme token is a definitely speculative story; it is impossible to predict its behavior. Meme tokens are easy to manipulate. For example, the price of the Shiba Inu token skyrocketed by 68% after just one tweet from Elon Musk, in which he said he wanted to buy a shiba inu puppy. Yesterday, the US-based crypto exchange Coinbase Pro announced the listing of Shiba Inu, and its price soared again by 27%. Coinbase Pro is marketed as “a trading platform for individual traders and crypto enthusiasts”. Listing on Coinbase Pro does not mean that the token will also be added to the main Coinbase marketplace. Shiba Inu appeared after Elon Musk, using a series of verbal interventions, increased the price of the first-ever meme token Dogecoin (DOGE) hundreds of times.
However, the main way to increase the capitalization of Ethereum is not associated with speculation, but with decentralized finance (DeFi), which offers a profitable alternative to banking services. This allows crypto influencers like Michael Saylor to say that Ethereum could eliminate banks and exchanges.