Memecoins
Ethereum Meme Coin Earnings: Will Flows Sustain?
Ethereum meme coins are dominating the crypto scene following spot ETF requests for the largest altcoin. The price of the asset rose 23% yesterday and increased 28.4% this week due to the surge in market activity. The total market capitalization of meme coins stands at $62.8 billion, with bulls predicting more inflows.
Ethereum-based meme coins are the biggest earners today as the community continues to generate inflows. Notably, PEPE, FLOKI, and SHIB have seen bullish momentum as sentiment turns green. Here’s how the major Ethereum meme coins performed on the market.
PEPE leads the group
Popular Memecoin PEPPER it grew by 21.7% bringing its market capitalization to $5.7 billion. Ethereum meme coin is trading at $0.00001367 with a massive short-term price rally. This week, PEPE jumped 25.5% and more than 111% in the last 30 days. A major bullish factor driving PEPE price is the 78.3% increase in trading volumes.
The increase in market activity has resulted in a rally of similar meme coins across the network. FLOKI is now growing by 7.5% with a new boost to volumes and trading activity. The asset trades at 0.0002294, posting gains of 4% this week and monthly flows of 32.2%. FLOKI bulls remain positive, predicting a yearly increase of 634%.
MAGA (TRUMP) is another Ethereum token that has seen an increase in inflows over the past 48 hours. With daily gains of 9.24%, the meme coin recorded monthly gains of 55% and an increase in trading volumes. The asset trades at $8.45, 26% below its all-time high, with the community eyeing broader growth.
Will the Ethereum meme coin be supported?
The recent surge in the cryptocurrency market is due to increased anticipation for a spot Ethereum ETF approval by the United States Securities and Exchange Commission (SEC). As of this writing, Ethereum is trading at $3,699, following double-digit gains.
Most market analysts expect further inflows into Ethereum meme coins, and the decentralized financial ecosystem is expected to spot the ETF that gets the green light. The broader market is also expected to see an increase in volumes.
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David is a financial 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 the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.