News
Ethereum Meme Coin Gain: Will Flows Sustain?
Ethereum meme coins are dominating the crypto scene following spot ETF applications for the biggest altcoin. The asset’s price soared 23% yesterday and is up 28.4% this week as market activity increases. The total market cap of meme coins is $62.8 billion, with bulls projecting more inflows.
Ethereum-based meme coins are gaining the most today as the community continues to generate inflows. Particularly, PEPE, FLOKI and SHIB registered bullish momentum as sentiments turn green. See the performance of the main Ethereum meme coins on the market.
PEPE leads the group
Popular memecoins PEPE rose 21.7%, raising its market value to US$5.7 billion. The Ethereum meme coin trades at $0.00001367, with a huge short-term price rally. This week, PEPE jumped 25.5% and more than 111% in the last 30 days. An important bullish factor driving the PEPE price is the 78.3% increase in trading volumes.
Increased market activity has driven a rally in similar meme coins on the network. FLOKI rose 7.5% today with a further boost in trading volumes and activity. The asset trades at 0.0002294, recording gains of 4% this week and monthly flows of 32.2%. FLOKI bulls remain positive, projecting a 634% YOY increase.
MAGA (TRUMP) is another Ethereum token that has seen flows increase over the last 48 hours. With daily gains of 9.24%, the meme coin recorded monthly gains of 55% and increased trading volumes. The asset trades at $8.45, 26% below its all-time high, with the community pointing to broader growth.
Will Ethereum Meme Coin Gain Sustainment?
The recent surge in the crypto market is due to increased expectation for a spot Ethereum ETF approval by the United States Securities and Exchange Commission (SEC). At press time, Ethereum trades at $3,699 after double-digit gains.
Most market analysts expect more inflows for Ethereum meme coins and the decentralized finance ecosystem should identify the ETF getting the green light. The broader market is also expected to see a jump in volumes.
Read too: Best cryptocurrencies to buy this Bitcoin Pizza Day for the cost of two pizzas
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Staying up to date with trends, David has reported on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.