Discover the Explosive Price Surge of SHIB and PEPE
Too Long; Didn’t Read
Bitcoin and Ether experience noteworthy gains, but memecoins like Pepe Coin and Floki Inu steal the spotlight with astonishing weekly increases of 92% and 76%, respectively.
The popularity of memecoins may be boosted by the potential approval of a Bitcoin ETF by the US SEC and events such as PEPE token burns.
Despite the possibility of profits, memecoins come with inherent risks due to their lack of substantial use cases.
Memecoins in the Spotlight
The cryptocurrency market continues to soar, with most digital assets reaching price levels unseen in recent weeks. Bitcoin (BTC) has surged by over 22% in the last seven days, while Ether (ETH) has experienced a remarkable increase of 16.5% according to CoinGecko’s data.
However, it’s not the largest cryptocurrencies by market capitalization that are making headlines today (October 26). Popular memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE) have seen respective jumps of 8% and 7% in the past 24 hours.
Pepe Coin (PEPE) and Floki Inu (FLOKI) have achieved even more substantial gains. PEPE has risen by almost 30% since yesterday (October 25) and an astonishing 92% in the last seven days. Meanwhile, the Elon Musk-inspired cryptocurrency FLOKI has spiked by 26% in the past 24 hours and 76% in the last week.
One possible reason for the surge of memecoins is the overall enthusiasm in the cryptocurrency industry fuelled by rumors that the US SEC might soon approve BlackRock’s application to launch a Bitcoin ETF in the United States.
Earlier this week, the team behind PEPE announced the burning of nearly 7 trillion tokens (equivalent to $6 million at that time). Such a move is typically viewed as bullish since it reduces the supply of a particular asset, potentially increasing its value.
What Risks are Associated with Memecoins?
These cryptocurrencies have gained immense popularity among traders due to their high volatility, offering the possibility of significant profits in a short period. However, many memecoins are based on trends and lack practical use cases, so investors must consider the associated risks.
We recently released a dedicated video highlighting the top memecoins by market capitalization, providing insights into their particulars and purposes. For more information, check out the video below:
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