Meme coins, including Pepecoin (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE), witnessed significant jumps in value, with gains of up to 26% over the past 24 hours. This surge coincided with Ether (ETH) edging closer to the $4,000 milestone, a level not seen since December 2021.
Renewed optimism propels PEPE, DOGE, and SHIB
Pepecoin (PEPE) led the rally with a remarkable 26% surge, fueled by renewed optimism among investors. Meanwhile, Dogecoin (DOGE) and Shiba Inu (SHIB) rebounded from Thursday’s losses, climbing 10%. As tracked on CoinGecko, the meme coin sector witnessed an average growth of 8.6%.
Traders have increasingly turned to meme coins as a proxy bet on the growth of Ethereum (ETH) since late February. Slater Heil, co-founder and COO of DeFi platform Blueberry Protocol explained that a spillover effect occurs as Bitcoin (BTC) and Ether (ETH) rise, causing coins deployed on Ethereum and Solana networks to surge, including meme coins.
Market sentiment and future outlook
Investors have been capitalizing on bullish market conditions, leveraging meme coins as one way to do so. However, Heil cautioned about potential short to mid-term transitions back to ‘fundamentally driven’ altcoins.
Bullish demand for Ether began to increase in mid-January amid expectations that it would be the next major token after Bitcoin (BTC) to obtain a spot exchange-traded fund (ETF) in the United States.
Meme coins surge as Ether nears $4,000
The recent surge in meme coins, such as Pepecoin (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE), has captured the attention of investors worldwide. Over the past 24 hours, these cryptocurrencies have experienced significant gains of up to 26%. This surge coincides with Ether (ETH) inching closer to the $4,000 mark, a price level not seen since December 2021.
Renewed optimism among investors has been a driving force behind the impressive rally of Pepecoin (PEPE), which surged by 26%. Dogecoin (DOGE) and Shiba Inu (SHIB) also witnessed notable rebounds, rising by 10%. CoinGecko’s data reveals an average growth of 8.6% across the meme coin sector.
Traders have increasingly turned to meme coins as a proxy bet on the growth of Ethereum (ETH) since late February. Slater Heil, co-founder and COO of DeFi platform Blueberry Protocol emphasized that as Bitcoin (BTC) and Ether (ETH) rise, a spillover effect occurs, leading to surges in coins deployed on Ethereum and Solana networks, including meme coins.
While investors seize opportunities in bullish market conditions, Heil cautioned about potential transitions back to ‘fundamentally driven’ altcoins in the short to mid-term. The bullish demand for Ether gained momentum in mid-January amid expectations of it becoming the next major token, after Bitcoin (BTC), to secure a spot exchange-traded fund (ETF) in the United States.
Source: https://www.cryptopolitan.com/meme-coins-surge-as-ether-nears-4000-mark/