- Bitcoin and ether prices fell slightly while meme tokens saw significant gains.
- The surge in meme coins such as shiba inu, was probably driven by Asia-based traders and linked to the excitement around the potential for a pro-crypto shift by U.S. regulators.
As a researcher with experience in the crypto market, I believe that the recent price movements in Bitcoin and Ether are being overshadowed by the surge in meme tokens such as Shiba Inu. While BTC and ETH prices fell slightly, meme coins saw significant gains, driven primarily by Asian traders. This trend can be linked to the excitement surrounding the potential for a pro-crypto shift by U.S. regulators, with approvals for Ethereum-based ETFs being a major catalyst.In the previous day, the value of Bitcoin (BTC) and Ether (ETH) decreased by approximately 1% without significant activity in the cryptocurrency market following the recent surge observed during the past week.
Among the categories monitored by CoinGecko, meme coins experienced the most significant growth, with tokens like Shiba Inu (SHIB) surging as high as 12%, despite minor changes in major tokens such as Solana’s SOL, XRP, and BNB Chain’s BNB. The broader CoinDesk 20 index, consisting of the largest tokens excluding stablecoins, experienced a decline of 0.5%.
During the European afternoon on Tuesday, there was a notable increase in the value of Dogecoin (DOGE) and Shiba Inu (SHIB). This surge followed a 19% rise in GameStop (GME) stocks during premarket trading. Historically, such gains in GameStop have been linked to price hikes for meme tokens.
According to Rennick Palley, co-founder of crypto fund Stratos, Asian traders’ entry into the market is a major reason why popular memes gain traction. Prices for these memes often experience their most notable increases during Asian trading hours, which occur in the late night hours US time.
As a crypto investor, I’ve noticed an intriguing ripple effect in the market. The approval of an ETH Exchange Traded Fund (ETF) and the US regulatory stance softening towards cryptocurrencies have fueled renewed excitement in the space.
Previously mentioned meme tokens like PEPE and MOG have experienced remarkable surges, reaching up to 100% growth in the last week. This upward trend can be attributed to investors’ anticipation of Ethereum’s ecosystem expansion following U.S. approval for a spot Ether Exchange-Traded Fund (ETF).
According to FxPro senior market analyst Alex Kuptsikevich, Bitcoin currently trades within a bearish trend, despite recent market fluctuations.
In simple terms, reaching a crystal-clear level above $70,000 for a definitive exit and daily closing price will disrupt this bearish trend. However, prior to that event, the typical move involves a retreat back towards the lower range around $68,000.
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2024-05-29 13:45