PEPE, SHIB, and DOGE have seen notable gains, with PEPE surging by 28% as Ether approaches $4,000.
The Rise of Memecoins in 2024
Over the past 24 hours, some of the most popular meme coins, including Pepecoin (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE), have experienced impressive increases, with FLOKI seeing gains of up to 52%.
This trend coincides with Ethereum approaching the $4,000 threshold per ETH, a value it hasn’t reached since December 2021. PEPE has surged by 28%, revitalizing investor optimism, while DOGE and SHIB have reversed Thursday’s losses to rise by 10%. Overall, the meme coins category tracked on CoinGecko has shown an average sectorial growth of 8.6%.
Memecoins: A Bet on Ethereum Growth?
Since late February, traders have been using memecoins as an indirect bet on Ethereum’s growth, capitalizing on the overflow effect generated by rising Bitcoin and Ethereum prices.
The demand for ETH started to intensify from mid-January, fueled by anticipation of approval for an Ethereum Spot ETF in the U.S., following Bitcoin’s path.
