• Meme coins like PEPE, DOGE, SHIB, and FLOKI are hitting record highs amid Ethereum ETF hype.
• Pepecoin (PEPE), an Ethereum-based meme coin, surged by 32% in the last 24 hours, reaching a new all-time high price.
• Solana’s meme coin BONK also saw a significant spike of around 33% before settling at a 19% gain over the past day.
The crypto markets are booming again thanks to renewed hype around a potential Ethereum ETF approval. Ethereum’s price has surged, and some meme coins are going along for the ride to new all-time highs. Let’s take a look at how this ETF hype is impacting parts of the crypto sector.
Pepecoin and Other Ethereum Meme Coins See Big Gains
Pepecoin (PEPE), one of Ethereum’s top meme coins, has jumped 32% in the last 24 hours to a new all-time high above $0.00000128. For the first time, the meme coin’s market cap has surpassed $5 billion. PEPE appears to be mirroring ETH’s rise almost exactly, as it started surging at the same time as Ethereum took off on Monday afternoon.
The two biggest meme coins, Dogecoin and Shiba Inu, saw more modest gains of 10% and 6% respectively in the last day. While they aren’t fully benefiting from the Ethereum hype, the renewed positivity is giving them a small boost as well.
Solana’s BONK Also Rides the Wave
Interestingly, one of Solana’s top meme coins called BONK has also surged amid the Ethereum excitement. BONK is up 19% in the last 24 hours to $0.000003127 after spiking as much as 33% since Monday.
Some have attributed BONK’s rise to the conclusion of a token distribution program. However, plenty more BONK is still set to be distributed over the next two years, so the gains may also be related to the overall market hype.
Meanwhile, Solana itself is only down 2% in the last day despite BONK’s meme coin momentum.
Conclusion
The potential approval of Ethereum ETFs has crypto traders excited, and the renewed optimism is spilling over to boost meme coins across different blockchains. Ethereum has seen the biggest gains by far, but impromptu rallies for coins like PEPE, DOGE, SHIB, and BONK show the rising tide is lifting multiple boats. It will be interesting to see if the meme coin momentum can continue if the Ethereum ETF hype becomes reality.
