Meme coins Pepe and Floki see explosive growth

Two crypto projects have performed exceptionally well recently: Pepe (PEPE) and Floki (FLOKI).

Since May 1, Pepe has increased in value by more than 160%, making it one of the best performing cryptos today. Floki has also experienced impressive growth. During the same period, the value of this project has increased by almost 90%.

Pepe reaches All Time High

With the recent increases, PEPE is entering uncharted territory and continually reaching new all-time highs (ATH). Many investors can therefore rub their hands. According to data from the blockchain analytics platform IntoTheBlock, 97% of PEPE holders are currently in profit, indicating a very positive price trend.

The project is also popular among whales. For example, one investor specifically withdrew 500 billion PEPE from Binance, indicating that this group of wealthy investors has long-term confidence in the memecoin.

Floki is approaching 2021 peak

Investors cannot complain about Floki either. The memecoin is only 18.5% below its all-time high (ATH) it reached in 2021. This is a very positive sign, especially considering that the long-awaited ‘altcoin season’ has not yet started.

Less than three months ago, FLOKI was in a very different position. Valued at $0.000034, the token has risen almost 800% during this period to its current valuation of $0.00027.

Ethereum ETF as a catalyst

A possible cause of the increases in these memecoins seems to have to do with the bullish sentiment surrounding Ethereum (ETH). In the run-up to the approval of an ETH exchange-traded fund (ETF) in America, the value of Ethereum rose by 30%.

However, before the actual launch takes place, we still have to wait for the S-1 approval process, which could take several weeks to five months.

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