-- If there’s one thing that crypto enthusiasts love more than the digital assets themselves, it’s memes. A frenzy of crypto-based memes have gained fresh momentum last week as Bitcoin rallied.Growing expectations that the US Securities and Exchange Commission will authorize exchange-traded funds that invest directly in Bitcoin pushed the largest crypto by market value up by more than 25% over the past two weeks to around $35,000 on Wednesday — its highest level in about 18 months.
“The bear market put a dampener on meme activity, especially in terms of market value, but it stayed quite lively anyway,” Noelle Acheson, author of the Crypto is Macro Now newsletter, said. “Now that sentiment is feeling more confident, the meme tokens will come to represent even more the fun, YOLO side of crypto investing.”
This is not the first time that memecoins are in lockstep with overall market sentiment. During the Covid-19 pandemic, one of the most popular memes, “money printer go brrr,” was about how the Federal Reserve was “printing” an endless amount of dollars and how that enhanced the value of Bitcoin, which has a capped amount of tokens. The demise of that meme came in October 2022, leaving the average investor caring little whether there is a finite amount of the digital asset.
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