So-called memecoins have been rallying over the past week—and among the five cryptocurrencies to gain the most are four Solana-based tokens. Floki leads the way (up 35%), followed by dogwifhat (32%), Pepe (27%), and Bonk (22%), according to CoinGecko data as of Tuesday morning. Bonk reached highs of $0.00004387, missing its all-time high of $0.00004547 in March by a razor-thin edge.
The price surges overlap with the Securities and Exchange Commission green-lighting eight spot Ether exchange-traded funds, with firms such as BlackRock, Grayscale and Fidelity, among the filers. Memecoins, considered to be the highest risk and highest reward part of the crypto industry, often witness notable price swings during a pro-crypto news cycle. By contrast, Ether has climbed a modest 2% since Thursday's approvals, trading at $3,847 on Tuesday morning.
