Altcoins

Place Your Bets: These Altcoins Will Have Great Benefit From The Ethereum Merge

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Aug 12, 2022

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Ethereum Community Prepares for the Merge

The ethereum merger is all set to be carried out on September 15 & 16 after the successful launch of the final testnet- Goerli. The upcoming transition from PoW to PoS is expected to turn the tables for the second largest crypto, which was facing a high-gas fee issue with lowered speed. 

However, the Merger is expected to address these issues and induce a bullish momentum within the ETH price. On the other hand, the community appears to be pretty excited as the social volume rose significantly as ETH prices soared beyond $1900 following the announcement. 

The ETH price smashed a 10-day high after being stuck below $1750 for a long time. At the time of reporting, Ethereum has slightly plunged to trade around $1,886, with a fall of 0.18% over the last 24hrs.

It’s interesting to note that along with Ethereum, there are few other coins that could see a spike in their price because of the merger.

Lido DAO (LDO)

The upcoming Ethereum merger will replace miners with validators and they are required to stake 32 ETH. This method of staking has opened doors for those platforms that acquire Ether from non-profit stakers and dump the profits together to be a validator on Ethereum. Lido DAO is one such altcoin that could do so.

Lida DAO is one of the largest staking service platforms from value locked within Merge’s official smart contract. The firm is positioned as second for depositing 4.15 million ETH into ETH 2.0 contract. 

Hence, if the Ethereum merge is a success, Lido DAO will certainly benefit greatly- not only the firm, but even their native token, LDO. 

LDO has already witnessed a surge of more than 200% since July 14, right after Ethereum announced its possible shift from proof-of-work to proof-of-stake (PoS).

Ethereum Classic (ETC)

Ethereum Classic (ETC) has been experiencing a bull run for the past few weeks, as miners are planning to exit the Ethereum network and shift to Ethereum Classic.

Because Ethereum Classic is the result of a controversial hard fork in 2016, it possesses nearly all of the technical characteristics of the current PoW Ethereum network, which make it an ideal shelter for ETH miners.

In terms of price action, Ethereum Classic has also spiked by almost 200% since the day Ethereum Merge was announced. 

Hence, with the merger, the price rally is most likely to be continued.

Optimism (OP)

The last on the list is Optimism (OP). optimism is a backup and restore service for Ethereum. It combines large amounts of off-chain transaction records into groups and then transmits the results to the Ethereum mainnet after consensus is obtained.

After the merge, even Optimism (OP) might experience a positive momentum in the price. Already, Optimism’s native governance token OP, has seen a surge of approximately 250% since the announcement of The Merge.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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