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Week in crypto: Ethereum ETF approval, Doge Kabosu’s death, & CEL’s explosive surge

By:
on May 26, 2024
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  • The US SEC unanimously approved spot Ethereum ETFs.
  • Shiba Inu pet that inspired Dogecoin passed away peacefully on May 24.
  • CEL led the upside over the past week following a sudden 145% surge.

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The digital assets industry finalized another week with multiple eye-catching developments.

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Meanwhile, the spot Ethereum exchange-traded funds approval, pet Kabosu’s death, and Celsius’s (CEL) massive surge dominated the spotlight.

US approves Ethereum ETFs

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The crypto market in the United States saw a crucial milestone last week as the SEC greenlighted eight spot Ethereum exchange-traded funds.

The digital assets community welcomed the news bullishly, with many forecasting improved price actions for Ether.

The spot ETH ETFs will likely boost demand for altcoins, translating to magnified volumes and growth.

Ethereum gained 1.24% over the past day to press time values of $3,796, and experts predict significant growth for the altcoin

Shiba Inu Kabosu dies “peacefully”

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The popular Shiba Inu dog that inspired Dogecoin creation passed away on Friday. The canine went viral in the 2010s after her owner posted various photos online.

Kabosu gained popularity as a Doge meme, sparking the creation of Dogecoin as an internet joke.

Nonetheless, the meme grew into a top ten crypto, with its current market cap above $24.76 billion.

The cryptocurrency community celebrated Kabosu as a legend, while Elon Musk’s tribute triggered bullish moves for DOGE and other memes.

Dogecoin traded at $0.171 during this writing, following a 3% uptick in the daily timeframe.

Celsius’ immense surge

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CEL led the gainers over the previous week following its massive single-day gains.

The altcoin escaped its downside trajectory with an over 140% upsurge to trade above $1.30.

While analysts attributed the remarkable performance to increased whale activity and enhanced broad market sentiment, some called Celsius’ surge a pump & dump.

Further, the revelations of one whale controlling CEL movements make the asset susceptible to wild actions. 

CEL exhibited bearishness at press time, down 12% over the past day to change hands at $1.26.

Altcoins Blockchain technology Crypto Crypto business ETFs