Bitcoin Resurgence Ignites Meme Coin Mania: Pepe, Dogecoin, Shiba Inu Ride The Wave

Bitcoin BTC/USD is breaking levels not seen since last April, and meme coins have also joined the uptrend.

Pepe coin PEPE/USD, which features a cartoon frog as its mascot, has seen a striking increase of over 83%, according to CoinGecko. Dogecoin DOGE/USD and Shiba Inu SHIB/USD have risen 4.1% and 12%, respectively. 

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Meme coins, known for their irreverence to traditional finance and investor sentiment, usually have a volatile price movement.

The surge in meme coin performance comes despite regulatory scrutiny toward the crypto market. The Securities and Exchange Commission (SEC) had recently filed lawsuits against prominent crypto platforms Coinbase COIN and Binance BNB/USD.

This week, however, Bitcoin has rebounded significantly after plummeting below $25,000 last week, which was the lowest it had been since March.

Currently, Bitcoin constitutes over half of the entire market capitalization.

One of the factors that have possibly bolstered Bitcoin's performance, which in turn may have influenced the meme coin upsurge, is BlackRock's BLK filing for a Bitcoin spot ETF.

In the wake of BlackRock’s move, Invesco and WisdomTree also submitted applications for their ETFs.

Furthermore, on Tuesday, EDX Markets, a new cryptocurrency exchange, made its debut, backed by heavyweights from the traditional finance sector such as Citadel Securities, Fidelity, and Charles Schwab.

Read Next: Binance's Expansion Thwarted: German Regulator Denies Crypto Exchange License

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Image: Pixabay