In the past week, Ethereum (ETH)-based memecoins have seen a substantial price increase due to growing speculation regarding the approval of a spot Ethereum exchange-traded fund (ETF) in the United States. Bloomberg analysts recently raised the probability of such an approval from 25% to 75%, sparking this speculation. Consequently, ETH’s price hit its highest level in recent years, showing a positive upward trend for the second consecutive day. This optimism surrounding ETH led to notable price surges in Ethereum-based altcoins, particularly memecoins.
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.
Key Takeaways
– PEPE surged by 25.86% in 24 hours, hitting an all-time high of $0.00001422, with a market value of $5.6 billion.
– FLOKI formed an ascending channel pattern, with potential price targets of $0.00030 or $0.000199.
– SHIB saw an 11% increase last week and a 1,546% YTD rise.
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.