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It’s been an eventful week for crypto buyers, given the occasions surrounding the SEC’s Twitter hacking and eventual approval of a spot Bitcoin ETF.
The excitement round these ETFs has translated into value rises throughout the meme coin area, with Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) all seeing features.
Investor demand has additionally ramped up for under-the-radar tokens, together with Sponge V2 (SPONGEV2), which continues to draw consideration forward of its change itemizing.
Meme Coin Market Surges After Spot Bitcoin ETF Approval
Virtually all meme cash have posted sizable features previously 24 hours, fueled by the approval of a spot Bitcoin ETF.
Shiba Inu has been one of many prime performers, surging virtually 12% since yesterday to hit $0.0000104.
Alongside Shiba Inu, Dogecoin can also be experiencing an uptrend, rising 11% in the identical time-frame.
SHIB and DOGE have added tens of millions to their respective market caps, attracting over $1.1 billion in mixed spot buying and selling quantity.
Nonetheless, the value rises for these two cash pale in comparison with PEPE, which is up a staggering 21% previously 24 hours.
PEPE is now hovering across the $0.00000142 stage, marking a pointy turnaround from the bearish momentum within the first week of 2024.
Though PEPE continues to be effectively beneath its Might 2023 all-time excessive, the uptick in value has been welcomed by long-term holders.
Whether or not the meme coin market momentum might be sustained stays to be seen, however for now, the approval of a spot BTC ETF appears to have introduced renewed consideration to the sector.
Renewed Crypto Market Demand Acts as Catalyst for SHIB, DOGE & PEPE to Rise
There are a number of the reason why meme cash are benefitting from ETF approval, despite the fact that it isn’t immediately associated.
Firstly, the ETF approval has introduced elevated mainstream media protection to the crypto market as an entire.
This consideration has spilled over to common meme cash like Shiba Inu and Dogecoin, driving investor demand.
Secondly, the approval indicators wider acceptance of cryptocurrency as a viable asset class.
Meme cash profit from this because it boosts their legitimacy within the eyes of each new and seasoned buyers.
Lastly, regulatory tailwinds, like ETF approval, usually translate to a extra “risk-on” sentiment from crypto buyers.
That is evidenced by the Crypto Concern & Greed Index sitting at 76, indicating Excessive Greed.
Naturally, this risk-on sentiment is good news for meme cash since buyers usually tend to enterprise into these riskier belongings in quest of returns.
Sponge V2 Turns into Rising Star in Meme Coin House as Virtually $4M Locked in Stake-to-Bridge Mechanism
Amid the resurgence within the meme coin market, one other token making waves is Sponge V2 (SPONGEV2).
This meme coin, benefiting from the crypto market’s uplift, is producing vital traction and a focus.
Sponge V2’s emergence appears well-timed because it faucets into the rising investor curiosity in high-risk, high-reward meme cash.
For these unaware, Sponge V2 is the “next-gen” model of the authentic Sponge (SPONGE) token, which exploded in Might 2023.
At its peak, SPONGE boasted a market cap of over $100 million, and greater than 13,000 individuals globally held the token.
Though SPONGE’s worth has declined since its all-time excessive, Etherscan.io knowledge reveals there are nonetheless 12,330 holders – indicating that the group stays invested within the venture’s future.
This sustained curiosity kinds a stable basis for Sponge V2’s launch, permitting it to leverage the established person base on platforms likeTwitter.com/spongeoneth” data-wpel-link=”exclude” goal=”_blank” rel=”nofollow noopener noreferrer”> Twitter and Telegram.
Moreover, since Sponge V2 might be built-in into an upcoming SpongeBob-themed blockchain sport, it’s poised to faucet into the promising crypto-gaming market.
As outlined within the venture’s whitepaper, the one technique to entry SPONGEV2 at present is to stake SPONGE, which can reward buyers with the V2 token.
With virtually $4 million price of SPONGE staked in only one month, the keenness round SPONGEV2 is rising – making it a hidden meme coin gem that buyers might want to control.
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