Bullish Trend in the Market Due to Ethereum ETF Approval Rumors
The Crypto market has kicked off another bull run, with Bitcoin's price nearing $70,000 and Ethereum aiming for a $4,000 target. The crypto market capitalization has also reached approximately $2.57 trillion, marking a 3% increase in the last 24 hours. The biggest beneficiaries of this bull run have been meme coins. The market cap of meme coins is about $60.5 billion, reflecting a 13.4% rise.
Ethereum's meme coin, Pepe, has gained the most from this bull rally, with its price surging by 25% in the past 24 hours, reaching a new all-time high. Over the past month, Pepe has increased by about 111%, making it the top-gaining Meme coin. It has also become the 22nd largest Cryptocurrency by market cap. Additionally, Solana's meme coin, Bonk, has also benefited from this rally.
Besides these, there has been continuous growth in both old and new Meme tokens this week. Base Pro Shops saw the highest gain with a 136% increase. Meme coin leader, Dogecoin (DOGE), is up 5% today and 13% over the past seven days, while Shiba Inu is trading sideways today but has seen an 8% inflow this week.
Pepe is Still Bullish
Given the increasing demand for PEPE in the market, it can be expected that the token's price will continue to rise, and in the coming days, PEPE's price might increase even further. The token is currently ranked 22nd. If the bullish trend continues, PEPE could become one of the top 20 Cryptocurrencies. Over the past month, PEPE's price has been surging, and this trend is still ongoing. If this trend continues, it could reach a new all-time high again. It is possible that the meme coin could even approach $1 in the future. There are several reasons behind the token's rise, making it a top-performing meme coin.
Ethereum ETF Boosts Meme Coin Prices
The main reason for the increase in Meme coin prices is the news of the Ethereum ETF approval. The market expects that the SEC will soon approve the Spot Ethereum ETF. Some market experts even believe that the Ethereum ETF could be approved this month. This anticipation has caused a surge in all Cryptocurrencies, especially Meme Coins.
Additionally, the growing trend towards Meme tokens in the Crypto Market and the increasing buzz on social media are also playing a significant role in boosting Meme Coin prices. The rising popularity is attracting more and more investors to Meme tokens, which is crucial in driving up their prices.
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