Markets
PEPE launches MATIC as Ethereum Memecoins soar
Ether is approaching $4,000 following last week’s spot ETF approvals.
Cryptocurrency markets recovered on Monday, continuing their bullish momentum after last week’s approval of spot Ether (ETH) exchange-traded funds (ETFs) by the SEC.
Ethereum (ETH) advanced 3.5%, bringing its weekly gain to 27%. Meanwhile, Bitcoin, the world’s largest cryptocurrency, trades above $70,000 again, while Solana appreciates by 2%, data from CoinGecko Shows.
PEPE, the Ethereum-based memecoin, has surged 80% in the past week, reaching a market capitalization of nearly $7.2 billion, placing it ahead of Polygon (MATIC) and just 20% away from overtake Uniswap (UNI).
PEPE overtakes Poligono
The PEPE rally strengthened the memecoin sector on Ethereum. TURBO is up 450% in the last week, while MOG and WOJAK are up more than 150%.
On Solana, BONK leads the chart with a weekly gain of 52%, while WIF is up 22% over the same period.
“Bitcoin must exceed $70,000 on an LTF basis. Once that happens, I think we’ll see a new ATH,” She said Michael Van de Poppe, CEO of MN Trading. Data from Farside Shows that last week over a billion dollars flowed into Bitcoin ETFs.
Data from CoinGlass indicate that key areas of liquidity have formed around the reference prices of $68,100 and $68,900. These refer to specific price levels where there is a high concentration of buy and sell orders, indicating significant support or resistance points that influence price movements as traders focus on these levels.
As election season heats up, former US President Donald Trump She said that the United States should strive to be a leading force in the cryptocurrency industry.
“Our country must be a leader in this field; there is no second place,” Trump said in a May 25 post on Truth Social. “I am very positive and open-minded about cryptocurrency companies and everything about this new and thriving industry.”
The US stock market remained closed on Monday to mark Memorial Day.