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PEPE has surged over the past 24 hours as the meme coin market progresses. Currently, PEPE is up 16.95% on Jan.11 and 19.31% this week. Meanwhile, Sponge V2 is also surging ahead as its pre-launch buy-and-stake campaign nears $4 million.
A rising tide lifts all boats, and this is the case for meme coins as the newly announced spot Bitcoin ETF immediately shifted focus to altcoins.
With BlackRock and Fidelity applying for spot Ethereum ETFs in November, Bloomberg ETF analyst Eric Balchunas believes the applications have a 70% chance of approval.
However, the analyst also noted in July that BlackRock has succeeded in 575 of 576 previous applications.
Consequently, the market is optimistic that a spot Ethereum ETF will be next. This has drawn excitement to the altcoin market, with traders anticipating subsequent liquidity rotations from Ethereum to other projects.
As well as meme coins, other Ethereum-based tokens are also soaring, with layer-2 network Metis DAO up 30.53% today and Ethereum Name Service (ENS) up 39.79%.
Moving to meme coins, PEPE is heading the way among the top projects, followed by Shiba Inu (SHIB), which has added over $400 million to its market cap, up over 8%.
Ethereum-based meme coins have thrived because they are often seen as a leveraged play on the Ethereum coin.
This was highlighted by analyst Kaleo on Jan. 2.
Following PEPE’s recent uptick, Kaleo tweeted, “I still believe this is something to watch for. PEPE is just a high beta play on ETH.”
Other leading analysts are also bullish on PEPE.
Ali Martinez, who goes on X by Ali_Charts, believes Pepe is breaking out of a descending triangle and is poised for a trend reversal on the 4-hour price chart.
He writes, ”PEPE appears to be breaking out from a descending parallel channel, which suggests it could advance toward $0.0000016 or even $0.0000019.”
Yet, this bullish momentum continues beyond PEPE, Shiba Inu, and other leading meme coins. For instance, Toshi has seen a 57% increase today, while Milady Meme Coin is up 37%.
With this in mind, the next meme coin that looks primed to gains is Sponge V2. It is currently undergoing a prelaunch “buy-and-stake” campaign, enabling market participants to get in from the ground up.
Sponge launches V2 with new P2E utility
Alongside PEPE’s bull run in 2023, Sponge also posted sharp gains. The project rose to a $100 million market cap, providing early investors a 100x ROI.
It also secured listings on over ten centralized exchanges, 13k holders, and 30K followers within its opening days.
However, the team is back to absorb the new meme coin liquidity with the launch of Sponge V2.
Analysts are notably bullish on Sponge V2 thanks to its team’s notable track record and because the new project boasts a play-to-earn racing game.
YouTuber Crypto Gains believes SPONGE can rally.
Meanwhile, renowned trader Michael Wrubel also remains optimistic.
So far, the Sponge V2 buy-and-stake campaign has raised $3.9 million.
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