Ethereum meme coins are showing bullish strength after strong inflows from spot Ethereum ETFs on Tuesday.
Despite $484 million in outflows from Grayscale’s ETHE, the ETFs saw a cumulative inflow of over $100 million. Excluding Grayscale, they recorded an inflow of $590 million, nearly 83% of the spot Bitcoin ETFs figures.
Bloomberg analyst Eric Balchunas revealed that the Ether ETFs exceeded his expectations, at least on day one.
While the Ethereum price is showing signs of weakness due to the Grayscale outflows, the Pepe price appears poised for a bullish breakout. Other Pepe-related meme coins such as PeiPei, Arbi Pepe and LandWolf are also showing strength.
A new presale meme token – Pepe Unchained – is also in high demand, having already raised over $5 million in its ICO.
Could Pepe Price Reach A New All-Time High In July?
The Pepe price is up nearly 7% over the past 24 hours and is trading at $0.0000127 with a market capitalization of $5.3 billion. As always, it is showing impressive daily trading volume, with a 40% spike today on Wednesday.
The meme coin is showing all signs of a major breakout.
Several analysts have highlighted the formation of a bullish pendant on the 4-hour time frame. Popular trader Captain Faibik (@CryptoFaibik) revealed that a daily close above the structure could result in a 25% upside move in the short term.
If true, this could catapult the Pepe price to $0.0000157, extremely close to its all-time high of $0.000017.
This would especially be true if the spot Ethereum ETFs continue to record strong daily inflows. The Pepe coin shows a strong correlation with ETH and strong inflows bode well for the meme coin.
As such, there is a growing consensus that the Ether price could reach $10,000 during this bull cycle. This provides the ideal backdrop for Pepe to continue delivering outsized returns. In fact, experts believe that it could flip Shiba Inu this year and attempt to hit the $80 billion market capitalization.
Which Meme Coins Will Explode Next?
The meme coin market is all about correlation. Pepe’s bull rally is accompanied by a substantial uptick in other frog-themed tokens.
For instance, PeiPei – also known as the Chinese Pepe – is up nearly 8% today and 230% over the past month.
Surprisingly, it is also the second most visited cryptocurrency on CoinMarketCap after Bitcoin. LandWolf (WOLF) holds the 3rd spot, which is another meme coin that is based on Matt Furie’s The Boy’s Club webcomics, similar to Pepe. The WOLF price is also up by 30% today.
Both PeiPei and LandWolf could deliver significant returns if Pepe continues to surge.
Amongst upcoming crypto launches, Pepe Unchained (PEPU) is also stealing the spotlight from other frogs in the meme coin space. In a rare move, the new meme coin has announced that it will launch its own Layer-2 blockchain.
This is expected to significantly reduce the trading costs associated with other Ethereum meme coins. Additionally, it offers high staking rewards to token holders, currently at an APY of over 300%.
The low trading fees and high staking yields make up the perfect formula for drawing substantial retail investment. To date, PEPU has already raised over $5 million in its ICO.
The strong presale performance appears to have caught the attention of some deep-pocketed investors, some of whom even believe that Pepe Unchained can offer up to 50x returns.
