Ethereum rally drives explosion of memecoins; PEPE, BONK, MOG fire

In a development that has reignited optimism in the cryptocurrency industry, the price of Ethereum (ETH) has soared over the last day, appreciating more than 20% in the last 24 hours on expectations of Exchange Traded Funds (ETFs) being approved by the Securities and Exchange Commission. US Securities (SEC) in the coming days.

The broader cryptocurrency market has seen a significant increase since May 20, especially following Ethereum’s bullish rally. One of the markets most benefiting from the rally was memecoins, whose market capitalization increased by 13.6% in the last 24 hours and currently stands at US$60,926,394,035.

Most memecoins are trading in the green as of May 21, with some tokens experiencing explosions in their prices. PEPE appreciated 31.2% in the last 24 hours, while BONK rose 34.5%. The MOG meme appreciated 48.7% in this period. Dogecoin (DOGE) and FLOKI are up more than 10% in the last day. PepeCoin (PEPECOIN) and Degen (DEGEN) appreciated by more than 20%.

Santiment platform analysts noted that the news about Ethereum ETFs triggered impressive market rallies, with the biggest beneficiaries being: Ethereum, Uniswap (UNI), Pepe (PEPE), Bonk (BONK), Lido DAO (LDO). “The hype surrounding Ethereum’s first ETF spot was a catalyst for one of the top 5 crypto days of 2024. $ETH, $UNI, $PEPE, $BONK, and $LDO are all up +20% in 24 hours. Bitcoin jumping to $71,400 for the first time in 6 weeks is almost an afterthought.”

📈The hype surrounding #Ethereum‘s first spot #ETF has been a catalyst for one of #crypto‘s top 5 days of 2024. $ETH, $UNI, $PEPE, $BONK& $LDO are all over +20% in 24 hours. #Bitcoin‘s jump to $71.4K for the 1sttime in 6 weeks is almost an afterthought. https://t.co/M1HK8sT5jw pic.twitter.com/fC9735hQ0e

— Santiment (@santimentfeed) May 21, 2024

At the time of publication, the price of Ethereum was quoted at US$3,806.45, up 23.4% in the last 24 hours. During this period, the second largest cryptocurrency recorded a trading volume of US$44,657,116,872. In its weekly development, Ethereum has seen an appreciation in its price of 31.6% in the last seven days.

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