Find out why SHIB and PEPE prices are exploding

TL; DR

Bitcoin and Ether are on the rise but memecoins like Pepe Coin and Floki Inu steal the show with weekly gains of 92% and 76% respectively. Memecoin's popularity may increase with US SEC's possible approval of BTC ETF and events like PEPE token. Despite potential profits, memecoins carry inherent risks due to a lack of significant use cases.

Memecoins in the Spotlight

The cryptocurrency market continues to glow green, with most digital assets sitting at price levels not seen in the past two weeks. Bitcoin (BTC) has increased by more than 22% in the last seven days, Ether (ETH) has risen by 16.5% (according to data from CoinGecko).

However, it wasn't the largest cryptocurrency by market capitalization that made headlines today (October 26). Popular memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) jumped 8% and 7% respectively in the last 24 hours.

Pepe Coin (PEPE) and Floki Inu (FLOKI) posted more significant gains. The former is up nearly 30% since yesterday (October 25) and an impressive 92% on a weekly basis. Elon Musk-inspired cryptocurrency FLOKI has risen 26% over the past 24 hours and 76% over the past seven days.

One reason behind the revival of memecoins may be the general enthusiasm in the cryptocurrency industry created by rumors that the US SEC may soon approve BlackRock's application to launch a spot BTC ETF in the States.

The team behind PEPE earlier this week announced About 7 trillion tokens (equivalent to $6 million at the time) were burned. Such a move is often seen as bullying because it reduces the supply of a particular asset and makes it more valuable.

What are the risks of Memecoins?

These types of cryptocurrencies are becoming more popular among traders due to improved volatility. However, some memecoins are trend-based and have less leverage issues, meaning investors should be mindful of the risk.

We recently released a video dedicated to large assets by market capitalization, their differences, and their purpose. If you want to know more, you can watch the video below: