On a standout day for the cryptocurrency market, memecoins stole the spotlight, with Pepe and Bonk emerging as the top gainers.
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The cryptocurrency market surged as hopes rose for the SEC’s approval of an Ethereum spot ETF, leading to the largest growth in market cap in three months, as reported by Santiment.
Memecoins Lead Surge Amid Ethereum Developments
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PEPE and BONK Performance: During the recent rally, memecoins once again captured attention with significant gains. PEPE, based on the Ethereum platform, surged by 27% to reach an all-time high of $0.000011. Meanwhile, BONK, a memecoin on the Solana blockchain, rose by 23% to achieve a two-month high of $0.000031.
Overall Memecoin Market: Other memecoins in the market also saw notable increases in value, highlighting continued investor interest and enthusiasm within the meme coin sector.
Memecoins Surge in Trading Volume and Social Sentiment
Pepe’s Trading Volume and Market Impact: Pepe, a prominent memecoin, saw its trading volume skyrocket to $2.16 billion over the past 24 hours. This surge surpassed larger coins like Dogecoin (7.61% increase) and XRP (1.37% increase). Meanwhile, Bonk achieved a trading volume of $850 million, outpacing competitors like Shiba Inu in market activity.
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Rally and Investor Sentiment: The recent rally underscored a robust appetite for meme coins, a category of cryptocurrencies that have experienced substantial gains throughout the year. According to LunarCrush, a social analytics platform, there has been overwhelmingly positive discourse on social media regarding both BONK and PEPE. Approximately 82% of posts about BONK and 80% about PEPE carried positive sentiment, suggesting strong optimism among investors.
Also Read: Solana (SOL) Price Jumps 15%: Crypto Market Gains Momentum
Sustained Optimism: Such high levels of positivity could potentially sustain the rally for these memecoins, buoyed by enthusiastic investor sentiment and increased trading volumes.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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