Bitcoin, Ether Prices Ease as SHIB Drives Gains in Meme Tokens

While Bitcoin and Ethereum prices fell slightly, meme tokens made significant gains.

The rise in meme coins like the shiba inu was likely driven by Asia-based traders and linked to excitement from US regulators around the potential for a pro-crypto exchange.

Bitcoin {{BTC}} and Ethereum {{ETH}} prices are down slightly more than 1% in the past 24 hours as crypto markets remain mostly quiet following last week’s rally.

With major tokens like Solana’s SOL, made a big profit. The broad-based CoinDesk 20 (CD20), an index of the largest tokens that does not include stablecoins, lost 0.5%.

Dogecoin {{DOGE}} and SHIB began a rally in European afternoon trading on Tuesday, with shares of video game retailer GameStop (GME) rising 19% in premarket trading; This is a signal that has historically led to gains in meme tokens.

“Popular memes are being posted mainly as Asian traders re-enter the market – many are seeing their prices rise the most during Asian trading hours, around midnight US time,” said Rennick Palley, co-founder of crypto fund Stratos. in an emailed statement.

“This is a continuation of the excitement around the ETH ETF and the US regulatory shift to become more pro-crypto,” Palley added.

As previously reported, meme tokens like pepe {{PEPE}} and mog (MOG) skyrocketed up to 100% last week as beta stakes in the Ethereum ecosystem. This is behind US listing approvals for the spot ether exchange-traded fund (ETF).

Meanwhile, Bitcoin remains in a bearish trading range despite recent volatility, according to FxPro senior market analyst Alex Kuptsikevich.

“A clear breakout and a daily close above $70,000 will break this downtrend. The classic development by then would be a pullback to the lower range around $68,000,” he said in the Telegram interview.