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In the last 7 days, many Ethereum (ETH)-based memecoins experienced a significant price surge due to increasing speculation about the approval of a spot Ethereum exchange-traded fund (ETF) in the US. Bloomberg analysts recently increased the likelihood of a spot Ethereum ETF approval from 25% to 75%, fueling this speculation. As a result, ETH’s price reached its highest level in recent years, indicating a positive upward trend for the second consecutive day. This optimism towards ETH paved the way for significant price increases in Ethereum-based altcoins, especially memecoins.
PEPE and FLOKI’s Major Surge
Among these memecoins, the PEPE token performed significantly better than the market. PEPE, a frog-themed memecoin, surged by 25.86% in the last 24 hours with a trading volume of $3.9 billion, reaching an all-time high of $0.00001422. This surge brought PEPE’s market value to $5.6 billion.
PEPE rose by 25.5% in the last 7 days and by 126% in the last 30 days, showing increased market interest with a 78.3% increase in trading volume.
Smart investors largely benefited from this surge, and on-chain activity shows whales profited from PEPE. The altcoin formed a symmetrical triangle pattern on the daily price chart and has a year-to-date (YTD) return of 940%.
Similarly, another memecoin, FLOKI, also showed a significant upward trend. Trading at $0.000227 at the time of writing, FLOKI formed an ascending channel pattern since mid-April, with a YTD gain of 547%. The Relative Strength Index (RSI), supported by the rising Simple Moving Average (SMA), indicates increased buying interest. If the upward momentum continues, FLOKI may test $0.00030; otherwise, it could fall to $0.000199.
Shiba Inu’s (SHIB) Rise
One of the most well-known coins, Shiba Inu (SHIB), continues to maintain its strong market position. Currently trading at $0.0000255, SHIB achieved significant gains alongside PEPE and FLOKI. Last week, SHIB gained 11% and showed an impressive YTD rise of 1,546%. The overall bullish sentiment caused by spot Ethereum ETF speculation also benefited SHIB.
