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KangaMoon (KANG) soars in presale despite SEC delaying Ethereum ETFs

By:
on Mar 20, 2024
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  • KangaMoon (KANG) has raised over $2.2 million in stage 4 of presale.
  • The new crypto project is flying in presale as investors eye momentum despite SEC delay of Ether ETFs.
  • Cryptocurrencies are also poised as the market awaits FOMC news.

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Bitcoin fell to below $61,000 on Tuesday, while Ethereum dived to near $3,000 to extend overall weakness. These declines came ahead of the highly anticipated FOMC meeting. ETH also dropped as the US Securities and Exchange Commission (SEC) delayed its decision on spot Ethereum ETFs.

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However, with the crypto market largely bullish, analysts are predicting a rebound for BTC and altcoins in coming months. Crypto investors are thus using the dip to position and one project that’s getting massive attention is KangaMoon (KANG).

KangaMoon’s flying presale points to the market’s long term outlook.

SEC delays ETH ETFs decision

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Uncertainty over the approval of spot Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has increased after the regulator delayed a decision on two more applications.

This comes as the price of Ethereum (ETH) fell to lows of $3,070 this week amid weakness for Bitcoin (BTC).

The SEC deferred its decision on the Hashdex and Ark 21Shares proposals to list spot Ethereum ETFs on Tuesday, March 19.

SEC recently delayed its decision on BlackRock’s iShares Ethereum Trust application filed in November last year. That was the second delay, which meant the market anticipated the agency’s latest decision on the Hashdex and Ark 21Shares applications.

While analysts earlier projected an Ether ETF approval in late May, the perspective is shifting to a possible denial for this round.

The chances for a nod for ETFs by BlackRock, Fidelity, Grayscale, VanEck, Invesco Galaxy, Hashdex and Franklin Templeton are dwindling. Bloomberg ETF analyst James Seyffart shared this outlook via a post on X on March 19.

KangaMoon (KANG) accelerates presale

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KangaMoon is a new cryptocurrency project looking to bring the fun of meme culture and earning opportunity of play-to-earn (P2E) to the marketplace.

As one of the top crypto projects in the rapidly expanding GameFi space, KangaMoon has attracted huge attention.

So far, KangaMoon’s presale has raised more than $2.2 million in stage 4 and could accelerate towards launch amid the anticipated flip in crypto momentum.

Key to its early presale success is the opportunity for KANG holders to earn more tokens via simple challenges in the ecosystem.

The project’s community-driven approach aligns with the SocialFi mechanism that brings weekly, monthly, and quarterly contests to KANG holders. These and other giveaways, including a 10% bonus on all token purchases, set KangaMoon apart from other crypto presale tokens.

KangaMoon price outlook amid FOMC anticipation

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The Federal Open Market Committee (FOMC) meeting this week has the broader market anxious about its next steps. The key focus for investors, including across crypto, is what the Fed signals in terms of interest rates cuts in 2024.

High interest rates are generally seen as a negative factor for riskier assets such as crypto, while lower rates have acted as a positive catalyst. A signal towards lowering rates in the US could spark a sharp recovery for prices.

Also, despite the latest downturn for BTC, ETH and other cryptocurrencies, the market remains largely optimistic in the long term.

KANG currently sells at $0.014 in stage 4 of the presale, offering a potentially great buying opportunity.

Find out more about KangaMoon here.

This article is a collaboration between our Editors and our Partners, and it may contain sponsored advertising content and links. The content is not intended as financial advice and is for informational purposes only.

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