Grayscale Halts Ethereum ETF Plans, Sparking Price Drop and Surge in Ethereum Classic, TRON Trading

Ethereum holders are apoplectic after Grayscale abruptly shelved its Ethereum ETF application. Oddly enough, the development came weeks before the United States Securities and Exchange Commission’s ruling. This caused Ethereum prices to tank. Consequently, the development caused a spike in Ethereum Classic and TRON. Read up on Grayscale’s Ethereum ETF withdrawal and its effect on the crypto trading market below.

Grayscale shelves Ethereum ETF plans; Ethereum tanks

Grayscale withdrew its Ethereum ETF application. Ethereum prices plummeted below $3,000 in the wake of the news. The downturn simultaneously triggered an influx into Ethereum Classic. Ethereum suffers from a serious lack of interest as a speculative asset. The action is moving to other L1s like Solana and Avalanche. Ethereum has largely underperformed relative to Bitcoin and other L1s. ETH moonboys, be forewarned. A good number of Ethereum holders are selling off their holdings and reinvesting into projects like Raboo. No one predicts Ethereum to breach all-time highs in 2024 anymore.

Ethereum Classic pumps after Grayscale Ethereum ETF withdrawal

Ethereum Classic outperformed Ethereum last week. Notably, Ethereum Classic turned in a 8% gain in the past week. The increase came in the wake of Grayscale shelving its Ethereum ETF application. Oddly enough, Grayscale is heavily invested in the original Proof-of-Work smart contract platform. Ethereum Classic has drawn blockchain purists who believe in blockchain immutability by maintaining the original Ethereum ledger. Ethereum Classic could serve as a “backup” to Ethereum should the latter experience a black swan event threatening its viability. Ethereum Classic could be a good dark horse bet for intrepid investors this year.

TRON sustaining value even under SEC threat

TRON has held up remarkably well even as it remains under the gun of regulation, facing lawsuits from the US SEC. TRON prices have retained their value between the $0.10 to $0.13 range, trading at $0.1228 as of press time. That’s not too far from TRON’s all-time high of $0.30, making TRON a good bet to retest its ATH, if not record a new one should the overall crypto trading sentiment pick up again in 2024.

The final word

The hype of any “flippening” surrounding Ethereum has all but completely dissipated, exposing the very little actual use Ethereum receives. That’s not to mention the lack of speculative interest from short-term holders. Ethereum is overvalued relative to other L1 coins, and Grayscale’s abrupt withdrawal of its Ethereum ETF is an indictment of the lack of interest in such a product. Meanwhile, Ethereum Classic and TRON have lesser price appreciation upside for crypto trading considering their respective massive billion-dollar market caps.

The smart money, instead, is betting on projects like Raboo, whose innovative AI-enabled SocialFi features blended with meme coin appeal have drawn over $1 million entering Stage 3 of its highly-awaited presale launch. With $RABT presale prices available at just $0.0042, early adopters can still reap a handsome 233% in presale token increases before the road to 100x opens upon listing. With exclusive NFT and merch drops, and a post-to-earn mechanic to support the growth of its user base, Raboo has a legitimate shot at 100x this year.

You can participate in the Raboo presale here.

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