Well-liked Ethereum-based meme coin Pepecoin (PEPE) soared to a brand new all-time excessive earlier right now, propelled by the latest approval of spot ETH exchange-traded fund (ETF) filings in america.
The upsurge was sufficient to overhaul Polygon (MATIC) and turn out to be the world’s nineteenth greatest crypto by market worth.
PEPE Overtakes MATIC’s Market Cap
In all probability essentially the most stunning comeback in 2024 was PEPE’s climb to the highest, outpacing a number of “serious” crypto property. PEPE’s most up-to-date feat was surpassing Polygon’s MATIC.
Cult-favorite PEPE gained as a lot as 7.7% in its price over the past 24 hours to achieve an all-time excessive of $0.00001717, in accordance with CoinGecko knowledge.
Monday’s positive aspects pushed the frog-themed meme coin to a market capitalization north of $7 billion — $7.139 billion, to be exact. This marks an excellent 89% appreciation for the reason that U.S. Securities and Trade Fee (SEC) greenlighted the spot Ethereum ETF functions on Could 20.
PEPE’s price soar was bolstered by the meme coin craze that stole the highlight, as tokens based mostly on memes had been essentially the most profitable in Q1, 2024. Nonetheless, Ethereum-based meme cash loved an extra increase after regulators modified their tune concerning the approval of ETH ETFs. Merchants are expressing their bullishness in Ethereum moderately than Bitcoin, particularly with the potential institutional demand as soon as the spot ETH ETFs begin buying and selling on U.S. exchanges.
Different Ethereum-standard memecoins, together with cat-themed token Mog Coin (MOG), additionally registered substantial price development after the approval of the ETH ETF filings. Dogecoin (DOGE), the godfather of all meme cash, noticed a strong — albeit unspectacular — acquire on Monday. The token is up 1.7% right now, to commerce round $0.1715 at press time.
That mentioned, the meme coin sector is the eleventh greatest crypto area of interest by market worth, accounting for over $67 billion as of publication time. That is nearly as good a time as any for a reminder that meme coin values are tremendously depending on unpredictable dealer sentiment. That signifies that they’re extraordinarily risky and dangerous bets, regardless of turning early traders into multi-millionaires in a single day.