Generally, the entire crypto market is experiencing a bull trajectory, being led by major assets like Bitcoin and minor currencies, including memecoins. In a 24-hour timeframe, currencies, including PEPE and FLOKI, experienced impressive gains since the weekend ending on October 29.
Among the reasons fostering this bullish market attribute is the fueled growing interest in spot Bitcoin exchange-traded funds (ETFs). Investors’ appetites have grown as the awaited approval by the SEC is probable and soon to happen after amendments of ETF applications by major crypto players.
Memecoins’ current market rally
FLOKI and PEPE have witnessed a massive rise in prices among the memecoins and have been noted to outperform major currencies, including Ethereum (ETH). The rise in these memecoins cannot be directly implicated to events on their networks but can be a result of the rising interest in Bitcoin-spot ETFs.
Investors have shown their confidence in Bitcoin ETFs as inflows on the underlying asset have been rising over the past month. At the same time, the memecoins craze is expected to introduce massive trade amongst investors.
Among the anticipated events is the VanEck Bitcoin Trust exchange-traded funds approval by the SEC. The firm reported its amendments filing over its ETF application on October 27. However, Scot Johnson, a Fiance lawyer, noted a nuance in the preliminary prospectus filing by VanEck. Johnson explained:
Similar language to the BlackRock amendment re: seeding. Perhaps not too surprising, given both issuers are represented by the same lawyers at Clifford Chance. Except here, instead of seeding with cash like iShares, VanEck suggests they’ll seed with Bitcoin. Caution not to read too much into this. Still, it’s an affirmative addition,” so either suggestive of actual intent or maybe just rather lazy lawyering.
Scot Johnson
Amid the growing investor interest in Bitcoin-spot ETFs, memecoins have been influenced, and Floki (FLOKI) recorded a 40% jump. However, in Floki’s case, the launch of TokenFi, its sister token, added to its value increase in the past 24 hours. The new staking program has incentivized its community members as FLOKI tokens are offered as rewards to stakes.
Analysis of memecoins price gains
Floki imposed a 20% tax on buy and sell transactions in the first hour after its launch and later reduced it to 5%. The raised tax was to target the impact of market snipers and allow access to tax income for the development of the Floki treasury.
Currently, at the time of writing, FLOKI is up by 4.68 % in the past 24 hours, recording a market cap of $351 million and a trading volume of $82.1 million, which accounts for a 4.50% increase.
Pepe (PEPE) also experienced a surge of 77% following the influence of the broad-based crypto rally. Additionally, the Pepe token burn also added to the price gains that fueled the breakout rally this week.
An estimated 6.9 trillion PEPE tokens were burned, and this accounted for an equivalent of $5.5 million. Since its inception into the market this year, Pepe Coin soared to a market value of $1 billion and was followed by a market correction that plummeted this value by 60%.
Based on market data, 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.
Other market sentiments also confirmed an increase in Dogecoin (DOGE) as it experienced a gain of 7.76% in its daily trading volume to $217.2 million. According to one market analysts, “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.”
