Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Meme coins like PEPE, SHIB, and DOGE have surged as much as 26% in the past 24 hours due to a “spillover effect” from the growth of Bitcoin and Ethereum.
Traders have been using meme coins as a proxy bet on Ethereum’s growth since late February, and the bullish demand for ETH has been increasing since mid-January due to expectations of a spot ETF approval in the U.S., while DOGE and SHIB reversed Thursday’s losses to rise 10%. The meme coin category tracked on CoinGecko showed an 8.
“Investors will take advantage of bullish conditions as much as possible, and meme coins are one way for them to do so. In the short-mid term, I expect a transition back to ‘fundamentally driven’ altcoins,” Heil cautioned.Coinbase premiums for Ethereum ecosystem tokens were higher than usual in the past week, suggesting recent demand was led by U.S. investors,in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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