Memecoins
PEPE Topples MATIC as Ethereum Memecoins Soar
Ether is approaching $4,000 following ETF spot approvals last week.
Crypto markets recovered on Monday, continuing their bullish momentum after last week. approval of exchange-traded funds (ETFs) to spot Ether (ETH) by the SEC.
Ethereum (ETH) jumped 3.5%, bringing its weekly gain to 27%. Meanwhile, Bitcoin, the world’s largest cryptocurrency, is trading above $70,000 again, while Solana has appreciated by 2%, according to CoinGecko data. watch.
Ethereum-based memecoin PEPE has soared 80% over the past week to reach a market cap of nearly $7.2 billion, putting it ahead of Polygon (MATIC) and just 20% away from overtaking Uniswap (UNI) .
The PEPE exceeds the polygon
The PEPE rally has boosted the memecoin sector on Ethereum. TURBO surged 450% last week, while MOG and WOJAK rose over 150%.
On Solana, BONK leads the pack with a weekly gain of 52%, while WIF is up 22% over this period.
“Bitcoin must exceed $70,000 on an LTF basis. Once that happens, I think we’ll see a new ATH. » said Michael Van de Poppe, CEO of MN Trading. Farside Data watch that over $1 billion was invested in Bitcoin ETFs last week.
Data from CoinGlass noted that key liquidity zones formed around the $68,100 and $68,900 price levels. These refer to specific price levels where there is a high concentration of buy and sell orders, indicating important support or resistance points that influence price movements as traders focus on these levels .
As election season heats up, former US President Donald Trump said that the United States should strive to become a leading force in the cryptocurrency sector.
“Our country must be a leader in the field; there is no second place,” Trump said in a May 25 article on Truth Social. “I am very positive and open-minded towards cryptocurrency companies and everything related to this new and booming industry.”
The American stock market remained closed on Monday for Memorial Day.