The meme coin market has started the week with a bang.
Leading the gainers yet again is Pepe (PEPE), which hit another all-time high earlier this morning.
Alongside PEPE, the new Sealana (SEAL) token is also performing well, having passed the $3 million mark in its presale phase.
PEPE Surges 80% in a Week as Whale Investors Buy In
It’s been a remarkable run for PEPE lately as the frog-themed token continues to push higher
Earlier today, PEPE hit a new record value of $0.0000172 before cooling slightly to its current price of $0.0000169.
That represents a 14% gain over the past 24 hours – and a jaw-dropping 80% surge in the last seven days.
The buying frenzy has pushed PEPE’s spot trading volumes to $2.9 billion in the past day.
That makes PEPE the 6th most-traded crypto in the world – flipping heavyweights like Solana (SOL).
Its market cap has also ballooned to $7.1 billion, securing the 18th rank among all crypto assets.
PEPE’s rise has proven immensely lucrative for whale investors.
In the past few days, one high-net-worth player withdrew over 1.3 trillion PEPE tokens from Binance at $0.0000137 – an $18.2 million gamble.
Thanks to the token’s rally, that investor is now sitting on over $22 million in unrealized gains.
Spot Ethereum ETF Approvals Prompt Meme Coin Frenzy
PEPE might be leading the charge, but it’s just the tip of the iceberg in the meme coin market.
There’s a full-blown speculative mania around these coins – with their combined market cap topping $63 billion.
More than $8.5 billion in trading volume occurred in the past day, representing an 8% increase from the previous day’s figure.
Aside from PEPE, coins like BONK and FLOKI have been soaring, up 48% and 32%, respectively, in the last seven days.
Smaller tokens like TURBO and MOG have posted even crazier gains – with the former up 393% in the same time frame.
However, not every meme coin is exploding in value.
SHIB has lagged the market and eked out just a 3% gain as investors opt for more speculative tokens.
So what’s driving this enormous demand?
The key catalyst is the SEC’s approval of spot Ethereum ETFs last week.
After these funds were approved, investors have been piling into “Ethereum beta plays,” which many see as a way to get exposure to the Ethereum ecosystem without directly buying ETH.
This trend has led to a surge in demand for meme coins – which is why PEPE and its peers are pumping.
South Park-Inspired Meme Coin SEAL Raises $3M in Viral Presale Phase
Another token that has benefited from the bullishness is Sealana.
This Solana-based project has raised over $3 million in presale, piggybacking on the wider meme coin surge following spot ETH ETF approvals.
SEAL tokens can be purchased for just $0.022 during the presale for those not yet invested.
And investors have been piling in while they can, believing this token could follow in PEPE’s footsteps.
One of the main reasons for Sealana’s popularity is its mascot – a chubby seal character inspired by none other than South Park’s “Gamer Guy” character.
The mascot is depicted as a degenerate crypto trader, obsessively glued to his monitor.
It’s a bizarre (and on-brand) choice that seems to be working.
More than 6,300 people now follow Sealana’s Twitter page despite the token’s lack of utility or use case.
A further 6,000 are active in the project’s Telegram channel – impressive for a project that has yet to launch.
This social media growth has piqued the interest of some high-profile names, too.
For example, YouTuber Only Investors, who has more than 200,000 subscribers, ranked SEAL as one of his best meme coin presales to consider investing in.
All these factors have combined to create an enormous buzz around Sealana – and investors are eager to see if it can live up to the hype once listed on DEXs.
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