The post Why Meme Coins Are Pumping Today? appeared on BitcoinEthereumNews.com.

The meme coins have seen a significant recovery today, following a gloomy performance on the previous day. Nearly all the meme coins like Dogecoin, Shiba Inu, Pepe Coin, WIF, and others have recorded more than 10% today, indicating the growing confidence of the investors towards the crypto. Although the broader market recovery could be a potential reason behind the recent recovery, other factors might also have helped gains in the sector. Here we explore the potential reason behind the recent rally in the meme coins sector. Why Meme Coins Are Rising Today? FTX Repayment Boosts Market Sentiment The cryptocurrency market is showing signs of optimism today, with some analysts pointing to potential cash injections as a key driver. Speculation is swirling around FTX, the collapsed exchange, which may distribute a whopping $16 billion to former customers. Meanwhile, experts believe a significant portion of this cash could flow back into crypto, fueling growth. This optimism seems to have boosted market optimism while driving the meme coins prices higher as well today. Notably, reinvestment by these crypto-savvy individuals could create substantial buying pressure, boosting prices. While the exact impact remains to be seen, even a partial return of these funds could be a major shot in the arm for the crypto market, let alone the meme coins. Bitcoin ETF Inflow & Ether ETF Anticipation Boosts Meme Coin Performance The U.S. Spot Bitcoin ETF recorded an inflow of $143.1 million on July 6, indicating that the institutions are likely to have regained confidence in the crypto. This has provided a robust boost to the broader crypto market, as well as the meme coins. On the other hand, the anticipation over Ethereum ETF approval by the U.S. SEC in mid-July has also lifted market confidence. For context, the market is betting on an altcoin…

---

Filed under: News - @ July 6, 2024 9:18 pm