The world of cryptocurrencies witnesses a resurgence as memecoins regain prominence alongside the broader market’s upward trajectory, primarily fueled by the anticipation of Bitcoin exchange-traded funds (ETFs). Notably, FLOKI and PEPE have surged, outperforming major currencies like Ethereum.
In recent days, memecoins have made significant strides in the cryptocurrency landscape, particularly FLOKI and PEPE.
Surprisingly, they have outshone established cryptocurrencies, including Ethereum.
However, these remarkable memecoin price surges are not directly linked to any specific events within their respective networks but rather a reflection of the mounting interest in Bitcoin spot ETFs.
The ongoing surge in investor appetite for Bitcoin ETFs is underpinned by potential SEC approval, following amendments to ETF applications by major players in the crypto industry. This growing enthusiasm for Bitcoin ETFs coincides with a renewed frenzy surrounding memecoins.
One highly-anticipated event is the potential approval of the VanEck Bitcoin Trust exchange-traded funds by the SEC.
Notably, the company submitted an amended filing for its ETF application on October 27. However, some experts, like Finance lawyer Scot Johnson, have highlighted similarities in language between VanEck and BlackRock’s amendment filings, possibly due to shared legal representation at Clifford Chance.
Johnson has noted that this might indicate either a genuine intent or simply a lack of originality.
The enthusiasm surrounding Bitcoin-spot ETFs has significantly impacted memecoins, with FLOKI experiencing a remarkable 40% surge.
In FLOKI’s case, the launch of TokenFi, its sister token, has contributed to its recent price increase. The introduction of a new staking program has incentivized community members, as they receive FLOKI tokens as rewards for staking.
FLOKI initially imposed a 20% tax on both buying and selling transactions during the first hour after its launch, which was later reduced to 5%.
This tax adjustment aimed to deter market snipers and generate income for the development of the Floki treasury. As of the latest data available, FLOKI has increased by 4.68% in the past 24 hours, boasting a market cap of $351 million and a trading volume of $82.1 million, marking a 4.50% rise.
Pepe (PEPE) also experienced a surge of 77%, largely attributed to the broader crypto market rally.
Additionally, the burning of Pepe tokens has contributed to the price gains that drove the recent rally. An estimated 6.9 trillion PEPE tokens were burned, equivalent to $5.5 million.
Despite a market correction that caused a 60% drop in Pepe Coin’s value after reaching $1 billion in market capitalization earlier this year, PEPE is up by 11.15% in the past 24 hours, with a current price of $0.00000000029 at the time of writing. Its daily trading volume has also increased by 4.88% to $13,542.
Market sentiments also confirm an upturn in Dogecoin (DOGE), which has seen a 7.76% increase in its daily trading volume, reaching $217.2 million.
A market analyst commented, “The bear market put a dampener on meme activity, especially in terms of market value, but it stayed quite lively anyway. Now that sentiment is more confident, the meme tokens will come to represent even more the fun, YOLO side of crypto investing.”