Ethereum ($ETH) has smashed through $4.6K for the first time in four years, fuelled by a softer-than-expected US inflation print and a surge in market risk appetite.
Futures open interest hit a record $64.66B, while ETFs also saw massive inflows, but a closer look shows leveraged bullish positions still lagging behind with spot-driven gains.
Alt text: Ethereum ($ETH) price and futures open interest in USD graph.
Source: CoinGlass
This mix of optimism and untapped leverage sets the stage for an even bigger run into price discovery.
It will make for an intriguing setup for higher-beta plays, with liquidity starting to spill into the meme coin arena already.
One project riding this wave is Maxi Doge ($MAXI) – a hyper-branded Doge spin-off built for traders chasing the market’s wild side.
$ETH Rally Leaves Room for Leverage-Fuelled Breakout
Ethereum’s latest leg higher has been massive – up 27.69% in 7 days to above $4,631.
This has mainly been fuelled by spot buying, with derivatives data hinting the rally could have more in the tank.
Aggregate futures open interest hit a record $64.15B, up from $47B last week, though most of that gain stems from price appreciation.
Perpetual futures premiums sit at a neutral 11%, down slightly from 13% on Saturday, and 30-day futures have eased from 11% to 8% despite the surge in spot prices.
Source: laevitas.ch
This restrained leverage suggests there’s still room for more aggressive positioning if momentum continues – a setup that, in past cycles, has led to further upside. If the bulls start increasing their leverage, the next leg higher for $ETH could come faster than many expect.
Record $1B ETF Inflows Put Fresh Fuel in Tank
The recent $ETH rally is getting a boost from a surge in institutional demand. Spot Ether ETFs saw a record $1.01B in net inflows on Monday (the biggest single-day haul since launch), easily eclipsing Bitcoin ETFs, which drew $178M.
Source: Farside Investors
BlackRock’s iShares Ethereum Trust led the charge with $649.8M, followed by Fidelity’s $276.9M, both setting their own records.
On-chain signals reinforce this bullish sentiment: $ETH balances on exchanges have dropped to a nine-year low of 15.28M, suggesting coins are moving into long-term storage.
If ETF buying persists at this pace, it could act as a constant bid under the market and provide the fuel for leveraged traders to pile in and push $ETH into price discovery.
$ETH Momentum Could Spark Next Meme Coin Frenzy
When $ETH catches a strong bid, the ripple effect often hits the highest-beta corners of the market, and meme coins are usually first in line.
In both 2021 and early 2024, $ETH breakouts coincided with outsized pumps in dog-themed tokens as retail traders chased momentum. First, we had $DOGE, then we had $WIF.
With $ETH still below its ATH but sentiment heating up, the stage is set for another liquidity rush into memes. One of the loudest contenders right now is $MAXI – Dogecoin’s ultra-jacked cousin.
Maxi Doge ($MAXI) – The Meme With Muscle
Maxi Doge ($MAXI) is an Ethereum-based, Doge-derivative meme coin that takes the ‘dog token’ formula and dials it up to 1000x leverage.
Branded as the ‘final form’ of the Shiba family tree, $MAXI blends crypto culture with over-the-top gym rat energy – a caffeine-fuelled, chart-watching alpha Doge who never skips leg day.
The presale has already pulled in $796K+, with tokens price at $0.000252 and a staking APY of 354%. The project’s narrative fits neatly into the recent resurgence of dog-themed coins, with $DOGE itself up 136% the last year.
Utility-wise, 25% of the $MAXI supply is earmarked for the MAXI fund, hinting at future partnerships – possibly with leverage trading platforms to match its branding.
In a meme market that thrives on hype and identity, $MAXI stands out with a clear persona and high volatility potential.
Final Thoughts – $ETH’s Bullish Backdrop Sets Stage for $MAXI
Ethereum’s climb to $4.6K signals a market ready to push higher, with ETF inflows and spot-driven demand laying the groundwork for the next leg. Leverage hasn’t fully kicked in yet – meaning there’s still plenty of fuel if bulls press harder.
In this kind of risk-on environment, meme coins tend to catch explosive moves as traders hunt for the next big thing.
For anyone looking for a high-octane play while $ETH’s rally builds momentum, Maxi Doge ($MAXI) is shaping up as one to watch.
This article is not financial advice. Crypto is extremely volatile, so please do your own research (DYOR) before jumping in.