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Cryptocurrency world sees a good day for altcoins. Bitcoin (BTC) and Ethereum (ETH) prices show slight declines, while meme coins like Shiba Inu (SHIB) gain significantly. This trend is attributed to Asian investors responding to positive expectations about spot Ethereum ETFs. Despite the market remaining largely stable after last week’s rally, the meme coin sector stands out with its performance.
Bitcoin and Ethereum Decline
In the last 24 hours, Bitcoin and Ethereum lost a little over 1% in value, while major cryptocurrencies like Solana (SOL), XRP, and BNB showed minimal changes reflecting a stagnant market trend. However, meme coins reversed this situation. Shiba Inu, in particular, recorded a rise of up to 12%.
The rise in meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) began on Tuesday afternoon in Europe. This coincided with a 19% pre-market trading increase for GameStop (GME), a stock historically influencing meme coin trends.
Rennick Palley, co-founder of crypto fund Stratos, noted that this rise was primarily driven by Asian investors, who typically see the largest price increases during trading hours coinciding with midnight in the US.
Palley also attributed this activity to the enthusiasm surrounding the potential approval of a spot Ethereum ETF in the US and a perceived shift towards more crypto-friendly regulations. The expectation of such regulatory changes contributed to the bullish sentiment among investors, further propelling the meme coin rally.
PEPE and MOG Coins Also Rise
Alongside Shiba Inu, other meme coins like PEPE and MOG also showed notable increases. Some doubled their value within the past week. These increases are seen as speculative bets on the Ethereum ecosystem, fueled by excitement over a possible Ethereum ETF introduction in the US.
Meanwhile, Bitcoin continues to trade within a decline range despite recent fluctuations. According to Alex Kuptsikevich, a senior market analyst at FxPro, Bitcoin needs a clear breakout and daily close above $70,000 to overcome its current downtrend. Until such a breakout occurs, Bitcoin is expected to retreat to the $67,000 range.
