Meme Coins Surge as Bitcoin Breakout Fuels Risk-On Sentiment
The market for meme coins is surging as Pepe Coin and Shiba Inu prices rise significantly in the past day. Pepe Coin jumped to $0.0000053, its highest level since January and a 140% increase from its lowest point this year. It also saw a 30% surge in the last 24 hours, making it the best-performing coin over that time period.
Other top meme coins like Dogecoin and Pudgy Penguins rose by around 15% and over 5%, respectively, in the same time frame. The market capitalization of all meme coins tracked by CoinGecko reached $37 billion.
The uptrend is largely driven by a 'risk-on' sentiment in the industry, fueled by Bitcoin's recent breakout to $88,000 on Monday. This move was accompanied by increased Strategy purchases and ETF inflows, with spot BTC ETF inflows jumping by over $998 million on Monday alone.