Ethereum (ETH) Surge Fuels Speculation Around Emerging Memecoins

• Ethereum-based memecoins have seen a significant price increase recently.
• This surge is fueled by speculation regarding the approval of a spot Ethereum exchange-traded fund (ETF) in the United States.
• Bloomberg analysts have raised the probability of such an approval from 25% to 75%, sparking optimism in the market.

Discover the latest trends in Ethereum-based memecoins and their market impact in our comprehensive crypto news article.

Which Memecoins Surged the Most?

Among these memecoins, the PEPE token stood out with a remarkable performance. PEPE, a frog-themed memecoin, surged by 25.86% in the last 24 hours with a trading volume of $3.9 billion, reaching an all-time high of $0.00001422. This increase elevated PEPE’s market value to $5.6 billion. Over the last seven days, PEPE rose by 25.5% and by 126% in the last 30 days, indicating heightened market interest. Smart investors significantly benefited from this surge, with on-chain activity showing whales profiting from PEPE. The altcoin formed a symmetrical triangle pattern on the daily price chart and has a year-to-date (YTD) return of 940%. Another memecoin, FLOKI, also demonstrated a significant upward trend. Trading at $0.000227, FLOKI formed an ascending channel pattern since mid-April, with a YTD gain of 547%. The Relative Strength Index (RSI), supported by the rising Simple Moving Average (SMA), indicates increased buying interest. If the upward momentum continues, FLOKI may test $0.00030; otherwise, it could fall to $0.000199.

Why is Shiba Inu (SHIB) Gaining?

Shiba Inu (SHIB), one of the most recognized coins, continues to maintain its strong market position. Trading at $0.0000255, SHIB achieved significant gains alongside PEPE and FLOKI. Over the past week, SHIB gained 11% and demonstrated an impressive YTD rise of 1,546%. The overall bullish sentiment fueled by the speculation around the spot Ethereum ETF also benefited SHIB.

Conclusion

The substantial price increases in Ethereum-based memecoins reflect heightened market interest and speculation regarding the approval of a spot Ethereum ETF in the U.S. Investors and market analysts will be closely monitoring these trends to capitalize on potential gains. The notable performances of PEPE, FLOKI, and SHIB highlight the dynamic nature of the crypto market and the potential for significant returns. As always, investors should conduct thorough research and consider the inherent risks associated with cryptocurrency investments.