ETH ETF Increases Meme Coin Prices, Pepe Benefits the Most

The Crypto Market's Bull Run: Meme Coins Surge

The cryptocurrency market has embarked on another bullish rally, with Bitcoin approaching $70,000 and Ethereum targeting $4,000. The total market capitalization has reached approximately $2.57 trillion, marking a 3% increase over the last 24 hours.

Meme coins have been the primary beneficiaries of this rally, with their collective market cap soaring to $60.5 billion, a 13.4% increase.

Ethereum's Pepe Leads the Charge

Ethereum's meme coin, Pepe, has emerged as the standout performer, its price surging by 25% in the past 24 hours to reach a new all-time high. Over the past month, Pepe has skyrocketed by 111%, making it the top-gaining meme coin. It has also ascended to become the 22nd largest cryptocurrency by market cap.

Solana's Bonk Coin Also Benefits

Solana's meme coin, Bonk, has also reaped the rewards of this rally.

Broad-Based Growth in Meme Tokens

Beyond these headline-grabbers, both established and emerging meme tokens have experienced consistent growth this week. Base Pro Shops has witnessed the most significant gains, with a 136% increase. Dogecoin (DOGE), the meme coin leader, is up 5% today and 13% over the past seven days, while Shiba Inu has traded sideways today but has seen an 8% inflow this week.

Pepe's Continued Bullish Outlook

Given the insatiable demand for Pepe in the market, it is anticipated that its price will continue to escalate. In the days ahead, Pepe could potentially surge even higher. Currently ranked 22nd, Pepe has the potential to ascend into the top 20 cryptocurrencies if the bullish trend persists. Its price has been on a relentless upward trajectory for the past month, and this momentum shows no signs of abating. If it continues, Pepe could establish another all-time high. Speculation is rife that the meme coin could even approach $1 in the future.

Ethereum ETF Fuels Meme Coin Prices

The primary catalyst for the surge in meme coin prices is the news surrounding the approval of the Ethereum ETF. The market is abuzz with anticipation that the SEC will soon greenlight the Spot Ethereum ETF. Some experts believe that this approval could come as early as this month. This anticipation has ignited a rally across the cryptocurrency landscape, with meme coins benefiting disproportionately.

Social Media Buzz and Growing Popularity

The growing trend towards meme tokens in the crypto market and the increasing buzz on social media are also contributing to the surge in meme coin prices. Their rising popularity is attracting a wider investor base, which is essential for driving up their value.

Read More: Pepe Coin's Fast Climb: Heading Towards $1 - What's Next