Ethereum meme coins skyrocketing as traders eye ETF approval

In the last 24 hours, Ethereum (ETH) based meme coins have experienced a significant price surge. This surge is attributed to heightened speculation regarding the approval of a spot Ethereum exchange-traded fund (ETF) in the United States.

The speculation was fueled by Bloomberg analysts who recently increased their approval odds for the spot Ethereum ETF from 20% to 75%.

As a result, the price of ETH has recorded a multi-year high, displaying a positive uptrend for the second consecutive day. This optimistic outlook for ETH has had a ripple effect, leading to a massive surge in the valuations of Ethereum-based altcoins.

Among these altcoins, meme coins have particularly outperformed the market.

YTD gains of SHIB,FLOKI,PEPE and MOG. Source:TradingView

The PEPE token, a frog-themed coin, recorded a new all-time high (ATH), along with the FLOKI token, which has shown a significant uptrend.

Similarly, the MOG token soared nearly 60% in a week, establishing itself as a high-beta asset with substantial growth potential.

PEPE hits all-time high

The PEPE memecoin continues to show bullish momentum, reaching a new all-time high of $0.00001422 today. The Ethereum-based token has surged 25.86% in the past 24 hours, with a trading volume of $3.9 billion.

This robust performance has taken PEPE’s market cap to $5.6 billion, trading at $0.00001367 amidst a massive short-term rally.

Over the past week, PEPE has jumped 25.5% and soared 126% in the last 30 days. A major bullish factor driving PEPE’s price is the 78.3% rise in trading volumes, reflecting heightened market interest.

Smart traders have made millions as on-chain activity showed whales taking profits from PEPE.

Currently, PEPE’s price has formed a symmetric triangle pattern on the daily chart and is nearing its resistance trendline. It boasts a year-to-date (YTD) return of 940%, making it the top performer among leading memecoins.

FLOKI’s uptrend

Floki has surged in the past 24 hours, nearing its resistance trendline. Currently trading at $0.000227, the memecoin has formed a rising channel pattern since mid-April with a year-to-date gain of 547%.

The Relative Strength Index (RSI) shows increased buying interest bolstered by a bullish Simple Moving Average (SMA). If bulls break through the resistance, FLOKI could test $0.00030 soon; otherwise, it might drop to $0.000199.

Shiba Inu’s steady gains

SHIB, one of the most well-known meme coins, continues to maintain its strong position in the market. SHIB has seen steady gains alongside PEPE and FLOKI, benefiting from the overall bullish sentiment driven by ETF speculation.

The token, currently trading at $0.0000255, has a substantial market cap and remains a favorite among meme coin investors. Over the past week, SHIB has gained 11%, and year-to-date, it has surged an impressive 1546%.

The rising speculation surrounding the potential approval of a spot Ethereum ETF has led to substantial gains for Ethereum-based meme coins. PEPE, FLOKI, and SHIB have all seen significant price increases, reflecting the broader market’s optimistic outlook.

However, investors should remain cautious, as meme coins are known for their volatility and potential for rapid price swings.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://thebittimes.com/ethereum-meme-coins-skyrocketing-as-traders-eye-etf-approval-tbt89331.html