In a May 21 X post, cryptocurrency trader Matthew Hyland endorsed PEPE as the most promising memecoin linked to the potential approval of an ETH ETF. A separate anonymous cryptocurrency dealer, “Kaleo,” reported that PEPE’s performance was a sure sign of the market’s growing recognition of the coin’s possibilities.
Market Trends: Euphoria fueled by rumors of Ethereum ETF approval
Another bull market has started in the cryptocurrency sector. The price of Bitcoin is around $70,000. Ethereum wants to reach the $4,000 target. Additionally, the market capitalization of cryptocurrencies has increased by 3% over the past day to approximately $2.57 trillion. Memes have benefited greatly from this surge in value. The market capitalization of memes is now approximately $60.5 billion, an increase of 13.4%.
Pepe, Ethereum’s meme coin, has increased the most in value during this rally. Its price has increased by a quarter in the last 24 hours. Pepe is the meme coin that has gained the most value in the last month, with an increase of over 111%. It has become the 22nd-largest cryptocurrency in terms of market capitalization. If the positive trend keeps up, PEPE has the potential to be among the top 20 cryptocurrencies. There is a possibility that the meme currency will eventually reach close to $1. Apart from these, this week has seen a steady rise in both new and old meme tokens. Bass Pro Shops increased by 136%, which was the largest gain.
Ethereum ETF Boosts Meme Token Prices
Over the past 24 hours, Ethereum-based memecoin Pepe (PEPE) has experienced a 27% surge, setting a new record, according to Cointelegraph. The market is hopeful that the spot Ethereum ETF will get SEC approval soon. This expectation has caused all cryptocurrencies to surge, but meme coins have seen the biggest increase.
The rising popularity of meme tokens in the cryptocurrency market and the growing discussion about them on social media have resulted in the prices of meme coins also rising.
