From Investing.com: 2024-05-27 08:08:05

The cryptocurrency market saw a surge in meme coin interest as traders looked for higher returns beyond Bitcoin. Tokens like PEPE and MOG hit record highs, fueled by enthusiasm over ether ETF approvals. New traders flooded the market, with PEPE and MOG gaining popularity for leveraged ether exposure.

PEPE and MOG’s prices surged in the past 24 hours, with trading volumes exceeding $1.8 billion. Futures data showed a significant increase in open interest for both tokens, signaling new capital influx. Despite bullish trends, the long-to-short ratio for PEPE leaned towards bears at 54%, suggesting concerns over potential price drops.

PEPE made waves by joining the top 20 largest tokens with a market cap surpassing $6 billion. Early investors reaped significant returns, underscoring the growing popularity of meme tokens as beta bets within their respective ecosystems. The market’s attention has shifted towards meme coins, highlighting potential opportunities for investors seeking higher profit margins.

Read more at Investing.com: Meme coins hit records as bitcoin kicks off the week in the red By Investing.com