Pepe

Pepe Coin

Bitcoin

This past week saw a diverse set of tokens participating in an upswing, and the meme coin Pepe (<a href="https://crypto.news/price/pepe/" target="_blank" rel="noreferrer noopener">PEPE</a>) was the star of the show. 
In the wake of the recent crypto market turbulence, spurred by <a href="https://crypto.news/sec-chairman-gensler-confirms-ongoing-review-of-bitcoin-etfs/" target="_blank" rel="noreferrer noopener">speculation</a> about Bitcoin spot ETF acceptance, PEPE has made waves with its announcement of burning more than $5.5 million worth of tokens.&nbsp; 
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 A frenzy of crypto-based memes like Pepe Coin have gained fresh momentum last week as Bitcoin rallied <a href="https://t.co/tO8Qz12cZ7" target="_blank">https://t.co/tO8Qz12cZ7</a>— Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1718637653833510964?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 29, 2023</a>
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This move led to a significant 30% price hike in a single day, propelling PEPE to its peak in two months. The growth, set against the backdrop of potential Bitcoin <a href="https://www.bloomberg.com/news/articles/2023-10-23/grayscale-gets-court-order-in-fight-with-sec-over-bitcoin-etf" target="_blank" rel="noreferrer noopener">spot ETF</a> approval, marks a significant increase in PEPE’s value and indicates a potential rebound in the altcoin sector. 
According to crypto market monitor <a href="https://www.coingecko.com/en/coins/pepe" target="_blank" rel="noreferrer noopener">CoinGecko</a>, over the previous week, the price of PEPE surged by a remarkable 56.5%. However, its current price of $0.00000115 signifies a 3.5% decrease as of now. 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/CgVMJSE_lxKwWxWD5fozudOk4ZkSy82H-VIFoRnPZBDo_68OChe7RFtJ_jyNoz3Yy-l1OwBWeMhLJgfVl1e_eaj1Sc6JEPIOULc3uMYI6hsKKbjtS0DTQbj4fiQC45tiLJiVGm07pvz3sN9-JaZLDlo" alt="BTC ETF speculation sparks meme coin market surge - 12">
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 PEPE 7-day price chart | Source: CoinGecko
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The triumph of PEPE mirrors the burgeoning influence of <a href="https://finance.yahoo.com/news/borroe-finance-over-meme-coins-183102816.html" target="_blank" rel="noreferrer noopener">meme-based</a> cryptocurrencies, which largely thrive on internet communities and social media interaction.&nbsp; 
The buzz around these coins is fueled by several factors like trending social movements, speculative trades, and the lure of quick, albeit uncertain, returns on investment. 
 You might also like: <a href="https://crypto.news/qtum-price-up-as-trading-volume-surges-283/"> QTUM price up as trading volume surges 283% </a> 
The past week has reignited the excitement in the crypto market, with a diverse mix of coins leading the way for gains. Meme coins like Floki Inu (<a href="https://crypto.news/price/floki/">FLOKI</a>) and Pepe capitalized on hype and speculation, with the onset of crypto spring attracting retail investors back to the market.&nbsp; 
Meanwhile, platforms like the Mina protocol (<a href="https://crypto.news/price/mina/">MINA</a>) and Injective (<a href="https://crypto.news/price/chainlink/">INJ</a>), and <a href="https://crypto.news/price/thorchain/">THORChain</a> scored gains due to project advancements and adoption milestones, and gaming tokens like <a href="https://crypto.news/gala-games-co-founders-to-lock-horns-in-court/">Gala</a> continued to surge as blockchain-based games continue to draw attention. 
Floki Inu saw an 85% increase. As a whole, the top 10 crypto gainers of the week all experienced double-figure returns, outdoing the larger market. 
MINA, one of the few larger market cap cryptos, enjoyed a 60% jump to $0.61986, bolstered by an uptick in development activity and increased adoption. 
Injective, a decentralized exchange protocol created for decentralized finance applications, experienced a 56.02% rally over the past week, reaching $13.355. Chainlink (<a href="https://crypto.news/price/chainlink/">LINK</a>), the oracle network, saw a 44.66% increase this week, hitting an impressive $11.04. 
It’s worth noting that the extreme price volatility and speculative nature of meme coins can lead to unforeseen price swings and potential risk for investors. 
 Read more: <a href="https://crypto.news/btc-sam-bankman-fried-gemini-genesis-elon-weekly-recap/"> BTC spikes above $35K, Bankman-Fried takes the stand, Gemini sues Genesis, Elon Musk’s plans | Weekly Recap </a>

BTC ETF speculation sparks meme coin market surge

crypto.news

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