Remember last week’s GameStop-fueled meme stock hype that helped propel meme coin prices? Well, the crypto narrative has already changed, and now it’s Ethereum ETF hype that’s juicing the markets… and yes, meme coins are again flying.After Ethereum (ETH) exploded with historic intensity late Monday, surging Pepecoin (PEPE), one of Ethereum’s top meme coins, is up What caused the major bump? It appears PEPE is—almost exactly—mirroring ETH’s rise.After Down to the minute, Pepe began surging exactly when ETH took off yesterday afternoon. It’s unclear, though, what connection PEPE has to the ETH ETF saga, besides being one of the top meme coins on Ethereum. Meme coins are notably volatile and can be swayed by social media sentiment, however, so PEPE may be feeling the love as traders get hyped over ETH gains.The top two meme coins, however, had more marginal gains. Dogecoin, which runs on its own chain, is $PEPE IS GOING TO PUMP BY 30%+ TO THE 1.618 FIB WITH HASTE pic.twitter.com/pHrLxUlbXr— Prorok.eth (@proroketh) May 21, 2024The other biggest beneficiary during ETH’s boom lives, curiously, over on Solana. There, BONK, one of Solana’s top meme coins, surged as much as 33% since yesterday, before settling, at writing, at a price BONK began surging a bit after ETH and PEPE did on Monday afternoon, by about two hours. Over the last day, however, it has kept pace with those coins’ gargantuan gains. Some attributed BONK’s rise to the conclusion of a weekly distribution of the token as part of a grants program. Yesterday was $BONK liberation day (the end of vesting contracts that were unlocking every weekend) and the chart is already curling up.One of the biggest gainers on the day and a big weekend for the doggo. Millions of dollars in weekly sell pressure are gone.Higher! pic.twitter.com/H2jt7FAvbG— TraderKoz (@TraderKoz) May 18, 2024As others pointed out, however, there is still plenty more BONK to be distributed via other initiatives in the coming two years. $BONK is up like 30% on the narrative that the contributor’s vesting is done, but if you open the website and actually read the whitepaper, you can see this is absolutely FALSEThere’s a 3 year linear vest starting in 2023No one reads anymore pic.twitter.com/REGgLsfr1w— Wazz (@WazzCrypto) May 21, 2024SOL itself, meanwhile, is Edited by Andrew HaywardDisclaimerThe views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
