Meme coins based on Ethereum (like PEPE and MOG), are two that caught my attention lately. These tokens have reached their all-time highs, thanks to some exciting events in the cryptocurrency industry. An important role has been played by approval of ether ETF filings in US towards this surge and it is interesting to see how these coins are getting popular.
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The show’s stars were PEPE and MOG, who displayed remarkable growth rates. In a span of twenty-four hours, PEPE registered an 11% increase in its value. Even more astonishingly, MOG rose by a whopping 45%. These numbers are outstanding and reflect a renewed sense of optimism within the Ethereum community. It is amazing how these tokens which were considered jokes have become real players.
One reason for this is what we call beta bets. That is, trading meme tokens such as PEPE and MOG offers traders a way to gain exposure to Ethereum without investing directly into ETH. This approach has gained momentum, from PEPE there have been increased volumes traded with over $1.8 billion as opposed to the usual range of $400 million – $600 million thereof. Increased trade volume signifies heightened interest in these coins.
More intriguing is that open interest in futures for MOG and PEPE has gone up. Open interest refers to the total number of pending future contracts, and has increased in both cases. For PEPE, this figure rose from $ 550 million to $ 720 million, while MOG experienced a jump from $ 5 million to $8.3 million. This surge hints at new money entering the market causing further price volatility.
This does not mean that everyone who has newly become interested in the prices will believe that they will continue rising up as before. The long-to-short ratio for PEPE indicates that 54% of traders are shorting it from here forward. It will be interesting to see how this plays out as there are still doubters within the market.
These developments have also had an impact on the wider crypto-market. While Bitcoin slipped by just 1%, Ether alone surged by almost 5%. This difference between Ether and Bitcoin serves as an insight into how this market works. The overall CoinDesk 20 index, which tracks major tokens excluding stablecoins, saw a marginal dip of 0.3%. These movements underline the fact that speculative nature underlies digital assets’ valuation uncertainty.
The rise of meme tokens into serious investment vehicles is what I find truly exciting. Meme tokens have traditionally been regarded as lacking in intrinsic value with their prices being mainly driven by internet culture and speculation. However, the fact that they have lately performed well indicates otherwise. The early adopters of PEPE turned a mere $460 into millions of dollars today. It is possible for meme tokens to generate considerable profits as shown by this extraordinary return on investment.
Similarly, other meme tokens in different ecosystems have experienced such boosts. For example, memes coins that are based on Solana witnessed significant growth between December and March when it was also experiencing general expansion. Furthermore, the Avalanche Foundation has appreciated the importance of these types of altcoins, investing in them since they are cultural and economic in nature.
It’s amazing and precarious at the same time how meme tokens have become prominent nowadays. This just goes to show how the crypto market is always changing and that opportunities can arise from the most unexpected places.
As a cryptocurrency enthusiast, I am interested in seeing where PEPE and MOG will go from here while proving everyone wrong about them or not. In cryptocurrencies, there is no telling what might happen next; like these joke (meme) currencies prove, this space is alive with creativity and change everyday!