How Did SHIB, BONK, PEPE and Other Meme Coins React to Bitcoin ETF Approval?

The long-awaited approval of Bitcoin ETF products by the SEC has rippled through crypto markets and re-energized sentiment around niche segments like meme cryptocurrencies.

As the broader digital asset market cap bounced nearly 4% on the news, meme coins saw an even stronger 6.8% pop to reach a $21.9 billion valuation. While still a relatively small subset of crypto, the breed of joke tokens named after pets and internet humor generates an outsized following.

Key Gainers

Some major meme coin movers included:

  • Dogecoin: +6.1% to $0.084
  • Shiba Inu: +7.8% to $0.00001
  • Bonk: +5.7% to $0.000016
  • Floki Inu: +8% to $0.000032
  • Pepe: An eye-popping +16.4% surge to $0.0000015

The Pepe breakout aligns with trader Ali’s technical analysis. He highlighted the token breaching a key descending channel to suggest further upside toward $0.0000019 on continued momentum.

Of course, chasing meme coin rallies remains highly speculative. But the loose correlation to Bitcoin’s resurgence here hints at the overall risk appetite for lifting boats generally. And these niche tokens tend to benefit from optimism spreading in the crypto sector; their smaller market caps allow for more exaggerated swings off market milestones.

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For those believing the Bitcoin ETF green light signals a renewed embrace of digital assets, meme coins offer a way to capture the high volatility typically accompanying these shifts. The recent meme coin gainers above have historically surged multiples higher during periods of exuberance hitting the crypto world.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.