Floki and Pepe rallied exceptionally in the first half of 2024.
Floki gained 1,228% while Pepe gained 2,006% in H1 2024.
Traders expect the memecoins’ rally to continue after the ETH ETF launch
Bloomberg’s senior ETF analyst, Eric Balchunas, recently posted that the ETH ETF will launch on July 23, less than a week away. Following his signal, crypto users have turned their attention to Ethereum and the altcoins within its ecosystem, including Floki and Pepe. The question among most of them is whether the two memecoins will continue their impressive form after the ETH ETF launch.
Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94
— Eric Balchunas (@EricBalchunas) July 15, 2024
The memecoins Floki Inu and Pepe are at the forefront of their sector of the crypto industry in the current bull market. Both Ethereum-based memecoins have performed exceptionally well, rallying significantly in the first half of 2024. Despite recent pullbacks, they have made impressive recoveries, triggering further anticipation ahead of the ETH ETF launch.
Floki started the year trading for about $0.000035 before surging to $0.00031 by the middle of March. That initial rally netted Floki a 1,091% profit, after which the price consolidated and dropped to $0.00011 in the first week of April.
Notably, Floki took off again on another impressive rally shortly after the pullback. An 8-week price surge saw the memecoin reach a new yearly high of around $0.00035, representing a 210% gain. That summarized Floki’s upside movement for the first half of the year before the memecoin retraced to a $0.00012 local low and turned around in a way that suggests significant bullish momentum.
Pepe surged 1,373% in the first quarter of the year and subsequently retraced 64% by the middle of April before rallying to a new all-time high (ATH) of $0.000017. Altogether, the frog-themed memecoin gained 2,006% between January and June 2024 before pulling back in consolidation to a $0.0000076 local low. Like Floki, Pepe has bounced off support in a way that suggests significant upside momentum, generating a similar sentiment among crypto speculators ahead of the Ethereum ETF launch.
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