Traders are rotating liquidity into Ethereum meme coins as ETH begins to drastically outperform BTC.
Today, new meme coin CatSlap and ecosystem superstar Pepe have booked 20% and 8% gains, respectively.
ETH Breakout Against BTC
The Ethereum ecosystem is on fire today with the strong performance of ETH against BTC, infusing excitement into its meme coin sector.
Ethereum has been long overdue for a rally after recently tapping its lowest valuation against BTC since 2021.
However, this seems to be a macro bottom for ETH, with analyst Pentoshi suggesting that it will continue gaining value – both against USD and BTC – in the coming weeks.
Currently, ETH is trading at $3.6K, up 16% this week, while Bitcoin is at break even.
However, traders who have noticed ETH pump are taking advantage through investing in its ecosystem meme coins.
Provided ETH continues amassing value, we can expect liquidity to rotate into the ecosystem, and the high volatility of meme coins makes them an attractive asset class in bullish periods.
Over the past 24 hours, Ethereum ecosystem tokens like Ethereum Name Service, Ethena, Uniswap, and Aave have all booked significant gains.
Yet, as is often the case, the lion’s share of trading volume doesn’t come from any of those tokens but from meme coins. Pepe has processed over $3 billion in 24-hour volume – that’s more than Ethena, Uniswap, and Aave combined.
CatSlap Prepares For a 418% Rally
New Ethereum meme coin CatSlap has jumped approximately 20% from its recent support zone and is now approaching a rally which has a price target of $0.012 – a 418% increase from its current price.
The project is a new cat-themed meme coin on the Ethereum blockchain, and it’s rumored to have been launched by the team behind Dogwifhat.
There’s no confirmation on that, but the team has serious skills and market understanding.
They haven’t just launched a meme coin – CatSlap also offers a gamified experience called CatSlap Slapometer and a staking mechanism that provides a 40% APY.
The cat coin meta is underrepresented in crypto, with a market cap of $5.3 billion. In comparison, the dog coin market is worth $90 billion. There’s no doubt CatSlap hopes to claw some big gains and close the gap.
And with a $19 million market cap, there’s plenty of upside on the table.
Investors can buy CatSlap using the DEX widget on its website or using the Best Wallet app via the Upcoming Tokens feature.
Pepe Leads Large Cap Memes
Pepe is stealing the show today as the front-running large-cap meme coin, pulling a 7.9% gain today.
It’s followed by fellow Ethereum-based meme coin Mog Coin, which is up 5.5%.
As mentioned, Pepe is also seeing huge trading volume today, which often indicates more price gains to follow. It shows there are many willing buyers in the market, who often continue to pour in once sellers are exhausted.
Pepe is the most-traded meme coin today besides Dogecoin.
A New Home For Meme Coins On Ethereum
CatSlap and Pepe are showing strong demand, but soon – most meme coins won’t launch directly on the Ethereum main network – they’ll launch on a new Ethereum layer 2 called Pepe Unchained.
Pepe Unchained is set to launch in two weeks once its token presale commences, and it’s going to cut costs and make transactions 100x faster than on the Ethereum main network.
The Pepe Chain will be accessible with an Ethereum wallet, so users can easily transfer money over and get started trading meme coins.
It’s also going to have Pepe Pump Pad, a meme coin generator that lets users create a meme coin in just two clicks. This is expected to bolster ecosystem activity and solidify Pepe Unchained as Ethereum’s memetic hotbed.
The Pepe Unchained presale is ongoing, so investors can join now to take advantage. The presale has raised $52 million, which is almost 3x what Ethereum raised in its 2014 ICO.
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