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Memecoins Soar, Riding on Ethereum ETFs Wave
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Thanks to the U.S. Securities and Exchange Commission (SEC) approving spot Ethereum (ETH) exchange-traded funds (ETFs) last week, leading memecoins are witnessing an exponential growth of late.
Though the memecoins also soared following the approval of spot Bitcoin (BTC) in January 2024, they retreated from their gains with time.
The recent excitement surrounding ether ETFs has again boosted the memecoin segment.
Dogecoin (DOGE), the pioneering and much-loved memecoin, has seen a growth of 20% since the market began to anticipate the approval of ether ETFs around 15th May 2024.
DOGE was exchanging hands at $0.1684 at press time.
The memecoin to see the highest growth during this cycle is Pepe (PEPE) which has soared more than 130% over the last month. Over the last fortnight, it has growth more than 50% in value.
PEPE even hit its all-time high (ATH) of $0.00001718 on 27th May.
As of now, 97% of PEPE holders are currently in profit.
The memecoin was trading at $0.000016 at press time.
Another prominent memecoin that has made its mark in the broader crypto market is Floki (FLOKI).
It has grown 8x in value since the beginning of the year. It has shown a growth of 80% within this month itself.
FLOKI was trading at $0.0003085 at press time.
Shiba Inu (SHIB), the second most popular dog-themed memecoin, has soared more than 23% over a fortnight. SHIB was exchanging hands at $0.00002826 at press time.
Did you know? Memecoins are cryptocurrencies that originated through the popularity of internet jokes, meme culture, pop culture, and media. What initially began as a mockery of the supposedly serious crypto culture, soon took a life on its own and became a mainstream segment of the crypto economy.
Now in terms of market cap,
Dogecoin is the eight largest cryptocurrency.
Shiba Inu is the tenth largest cryptocurrency.
Pepe is the nineteenth largest cryptocurrency.
Floki is the forty-third largest cryptocurrency.
Amidst the memecoin rally, we heard rather sad news too...
Kabosu, the dog that inspired several memecoins, died last week. She was over 17 years old.
It was Kabosu’s viral meme image that led to the creation of Dogecoin in 2013.
In fact, the two largest memecoins Dogecoin and Shiba Inu, which today rank among the top 10 cryptocurrencies in the world, are inspired by the dog.
Kudos, Kabosu.
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