Meme Coin Market Surges After Spot Bitcoin ETF Approval
Following the approval of a spot Bitcoin ETF, meme coins have experienced significant price increases in the past 24 hours.
Shiba Inu (SHIB) has seen a surge of almost 12%, reaching $0.0000104. Dogecoin (DOGE) has also seen an uptrend, rising 11% during the same period.
PEPE has had the largest increase, rising by a staggering 21% in the past 24 hours and reaching around $0.00000142.
Renewed Crypto Market Demand Acts as Catalyst for SHIB, DOGE & PEPE to Rise
The approval of the spot BTC ETF has brought increased mainstream media coverage to the crypto market, benefiting meme coins like Shiba Inu and Dogecoin.
This increased attention has driven investor demand and boosted the legitimacy of meme coins as a viable asset class.
Regulatory tailwinds, such as ETF approval, often result in a more “risk-on” sentiment among crypto investors, which is favorable for meme coins.
Sponge V2 Becomes Rising Star in Meme Coin Space as Almost $4M Locked in Stake-to-Bridge Mechanism
Sponge V2 (SPONGEV2) is gaining traction and attention amid the resurgence of the meme coin market.
Sponge V2 is the next-generation version of the original Sponge (SPONGE) token that gained popularity in May 2023.
With over $100 million market cap at its peak, SPONGE still has a strong community with 12,330 holders. This provides a solid foundation for Sponge V2’s launch and integration into a SpongeBob-themed blockchain game.
Currently, the only way to access SPONGEV2 is by staking SPONGE, which has attracted almost $4 million worth of staked tokens in just one month.
Hot Take: The Rise of Meme Coins in Response to ETF Approval
The approval of a spot Bitcoin ETF has had a significant impact on meme coins, leading to price surges and increased investor demand. This approval has brought mainstream media attention to the crypto market and boosted the legitimacy of meme coins as a viable asset class. Additionally, regulatory tailwinds often result in a more “risk-on” sentiment among crypto investors, favoring meme coins. Sponge V2 is emerging as a rising star in the meme coin space, leveraging the renewed interest and attracting significant attention with its stake-to-bridge mechanism. With almost $4 million locked in staking, Sponge V2 has positioned itself as a hidden gem worth keeping an eye on.