PEPE Leads Meme Coin Rally as Ether Nears $4K
Traders have been using meme tokens as a proxy bet on the growth of Ethereum or other blockchains.
Meme coins like PEPE, SHIB, and DOGE have surged as much as 26% in the past 24 hours due to a “spillover effect” from the growth of Bitcoin and Ethereum.
Traders have been using meme coins as a proxy bet on Ethereum’s growth since late February, and the bullish demand for ETH has been increasing since mid-January due to expectations of a spot ETF approval in the U.S.
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