On May 23, 2024, the Ethereum ETF received approval from the US Securities and Exchange Commission (SEC). Despite this milestone, Ethereum’s price declined by 3%, while memecoins like Pepe, Bonk, and KangaMoon surged.
KangaMoon, listed on CoinMarketCap, raised $7 million in presale and saw its token appreciate by 400%. Its unique blend of GameFi and SocialFi allows users to earn through play-to-earn gaming and social media campaigns. Investors can also stake assets for double returns.
Bonk increased by 40% over the past week, continuing a year-long rise of 9000%, despite a declining market cap. Pepe gained nearly 1000% in one year, with a recent 90% monthly surge, setting a new all-time high.
The memecoins’ performance suggests strong near-term potential, but Ethereum might still rally if the ETF brings additional benefits.
