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Ethereum Meme Coins Gain: Will Flows Sustain?

Ethereum meme coins have notched rapid gains in the past 48 hours on the back of anticipated spot ETH ETF approvals.

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Updated 27 Aug, 2024 | 10:25:15 AM UTC

Ethereum Meme Coins Gain: Will Flows Sustain?

Ethereum meme coins are dominating the crypto scene following spot ETF applications for the largest altcoin. The asset’s price soared 23% yesterday and is up 28.4% this week as market activities spike. The total meme coin market cap stands at $62.8 billion with bulls projecting more inflows.

Ethereum-based meme coins are the largest gainers today as the community continues to drive inflows. Particularly, PEPE, FLOKI, and SHIB have recorded bullish momentum as sentiments flip green. Here’s how top Ethereum meme coins performed in the market.

PEPE Leads The Pack

Popular memecoin PEPE is up 21.7% taking its market cap to $5.7 billion. The Ethereum meme coin trades at $0.00001367 with a massive short-term price rally. This week, PEPE has jumped 25.5% and over 111% in the last 30 days. A major bullish factor driving the price of PEPE is the 78.3% rise in trading volumes.

The increased market activity has driven a rally in similar meme coins in the network. FLOKI is up 7.5% today with a new drive in volumes and trading activities. The asset trades at 0.0002294, recording 4% gains this week and 32.2% monthly flows. FLOKI bulls remain positive projecting a yearly 634% rise.

MAGA (TRUMP) is another Ethereum token that has seen inflows surging in the last 48 hours. With daily gains at 9.24%, the meme coin has recorded 55% monthly gains and a rise in trading volumes. The asset trades at $8.45, 26% below its all-time high with the community tipping a wider growth.

Will Ethereum Meme Coin Gain Sustain?

The recent rise in the crypto market is due to increased anticipation for a spot Ethereum ETF approval by the United States Securities and Exchange Commission (SEC). At press time, Ethereum trades at $3,699 following double-digit gains.

Most market analysts expect further inflows to Ethereum meme coins and the decentralized finance ecosystem should spot ETF get the green light. The wider market is also expected to see a jump in volumes.

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

Published by

David Pokima

Updated: 27 Aug, 2024 | 10:25:15 AM GMT

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