The meme coin market is witnessing increased volatility amid market optimism that spot Ethereum exchange-traded funds (ETFs) will be approved in the US.
PEPE and FLOKI, the two leading meme coins on the Ethereum blockchain, have witnessed massive gains over the past week. The recent trend points towards the potential of a meme coin rally in the coming days.
Meme Coins Rally As SEC Decision on ETH ETF Nears
PEPE has been one of the top gainers in the crypto market in the last 24 hours. The meme coin has gained over 30% over the previous seven days. It clinched an all-time high (ATH) of $0.0000142 on May 22.
According to some traders, PEPE is proving to be a good buy during the ongoing market rally. The token is even outperforming Ethereum, which has consolidated at the $3,700 level.
The recent trend with the meme coin mirrors what usually happens during significant events in the cryptocurrency market. For instance, meme coins were among the top market gainers after the Bitcoin halving.
PEPE was trading at 0.0000136 on May 23 as of 12:01 a.m. EST. According to one crypto trader, the meme coin’s uptrend will persist, albeit with bouts of volatility. Nevertheless, PEPE could double or triple in value in the coming weeks.
PEPE is not the only Ethereum-based meme coin that is rallying. FLOKI has also posted significant gains and could be among the top performers in this bull run.
FLOKI Gains Amid Market Volatility
FLOKI is also another top market gainer. The meme coin has been up by nearly 6% in the last week, according to data from CoinGecko. FLOKI could also emerge as a top performer in the recent rally if it manages to sustain gains.
FLOKI appears to be losing the bullish streak as sellers take control of the market. In the last 24 hours, the meme coin has dropped by around 6% to trade at $0.000224 on May 23 as of 12:21 a.m. EST.
The Relative Strength Index at 49 indicates selling momentum. The RSI line is also tipping south, pointing towards intense selling activity in the short term.
While FLOKI’s price shows signs of a correction, the potential approval of a spot Ether ETF in the coming days could revive gains.
