Memecoins led by Pepe see double-digit gains as Bitcoin flirts with $35,000 benchmark

October 30, 2023 ndowd

Bitcoin’s latest rally has cleared the path for a resurgence in memecoins, led by Pepe coin, the cartoon frog-themed token that’s recently surged double digits.

The world’s most popular cryptocurrency has gone on a tear recently, breaking through $35,000 last week to hit its highest level in more than a year. Bitcoin, at time of publication, was up just under 1%, at $34,600, on Monday—and is still up almost 13% over the past seven days.

That stellar performance is in part due to growing investor optimism that the Securities and Exchange Commission will soon approve the first spot Bitcoin ETF in the U.S., which could lead to a flurry of crypto inflows.

The surge led by Bitcoin has awoken the memecoin traders who were laying low over the past several months as crypto prices lagged. The pack leader, Pepe coin, has jumped 57% over the past seven days, reaching its highest level since August. Others like Dogecoin and Shiba Inu also gained.

$PEPE Massive move upon retaking that range. Now consolidating beneath the mid range.

Plan unchanged on this. Holding a spot bag and just riding this for the next 1-2 years and looking to sell whenever we get the next parabolic run on meme coins. https://t.co/irG5vSEGEQ pic.twitter.com/aK8b0QF3DE

— Daan Crypto Trades (@DaanCrypto) October 30, 2023

Dogecoin, the dog meme-themed cryptocurrency favored by Elon Musk, was up 8% over the past seven days and just over 1% on Monday. Shiba Inu, an Ethereum-based coin founded in 2020, shot up 10% over the past seven days and was trading at its highest level since August on Monday morning.

As memecoin activity comes back, so too has the boastful online discourse ingrained in the culture of the tokens.

if you don’t understand meme coins and refuse to learn, it’s gonna be a tough century for you pic.twitter.com/oRSaSLwGEx

— pepeXBT (@pepeXBT) October 29, 2023

“at last, le opportunity to invest in simple ideas (memes) that are not tied directly to any company, entity, or product. this coin is truly revolutionary” pic.twitter.com/Zv3AuPTDqb

— ciniz 👁️ (@screentimes) October 30, 2023

If Bitcoin continues upward, memecoins could get comfortable in its slipstream—but because the tokens often have little to base their value on, any piece of bad news could drive prices right back down.