Ether rallies 5% as meme mania tries to reenter the Crypto market
- The surge in Ethereum's price is tied to a significant increase in ETH burning within the past 24 hours. This rise is connected to the current memecoin season on the Ethereum mainnet, causing soaring gas fees and a greater amount of ETH being burned
- Over the last 24 hours, there has been a surge in the value of several prominent cryptocurrencies, such as BTC, ETH, SOL, and TRON
BENCHMARK
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $29595 | 1.48% |
| ETHEREUM | $1988 | 5.07% |
CRYPTO STATS(24H)
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.26 T | 1.30% |
| TRADING VOLUME | $78.20 B | 98.48% |
TOP 5 GAINER
| Indices | LTP | Change (%) |
|---|---|---|
| UncleMine(OLD) | $0.0010 | 162.49% |
| CluCoin | $0.0000000019 | 129.01% |
| SINOVATE | $0.000059 | 100.97% |
| Pegaxy Stone | $0.0055 | 85.00% |
| PalGold | $0.000041 | 76.04% |
TOP 5 LOSER
| Indices | LTP | Change (%) |
|---|---|---|
| Mirrored Ether | $0.12 | 93.90% |
| Zombie Inu(OLD) | $0.000000000028 | 90.59% |
| DEI | $0.29 | 71.33% |
| HEdpAY | $0.14 | 62.85% |
| Digitex | $0.000035 | 38.39% |
Bitcoin is gradually approaching the $30,000 mark,
which it has been struggling to regain since mid-April. Meanwhile, Ether has experienced a 5.00% increase, reaching approximately $2,000. This surge was triggered by the Shapella upgrade, which occurred in April.
Major Events Around the World
Ethereum gas fees have once again reached record levels, thanks to the explosive popularity of meme coins in the crypto space. In particular, the frog-themed meme coin PEPE has caused Ethereum gas fees to soar to a yearly high. Unfortunately, these high gas fees are making transactions prohibitively expensive for users, while simultaneously driving up prices due to the surging demand for meme coins like PEPE.
The launch of PEPE Coin has been nothing short of a resounding success. The memecoin craze of the past week has propelled it to the forefront of the cryptocurrency market, with transaction volumes that rival even the most established tokens. In a mere two weeks, PEPE Coin has ascended to the top 100 club of tokens with the largest market capitalization. On Friday, the coin surpassed the $1 billion market cap milestone, thanks to a staggering 92% increase in value over the last 24 hours. This meteoric rise is a testament to the growing popularity of memecoins and the potential for significant returns in the crypto market.
On Friday, New York Attorney General Letitia James proposed a state law aimed at regulating the cryptocurrency industry. This law would expand the authority of the New York State Attorney General's Office over crypto firms operating within the state. Unfortunately, previous regulatory actions taken against the crypto industry in New York have hindered its growth. The introduction of the BitLicense requirement and a two-year moratorium on new permits for proof-of-work crypto mining have already had a negative impact. Now, with this new proposed law, the cryptocurrency industry in New York may face even more regulatory challenges.
COIN GABBAR Views: Bitcoin enters positive territory for the month, sparking speculation about the end of the bear market. Notably, it forms a 'Head and Shoulders' pattern ahead of the U.S. Nonfarm Payrolls report. Will BTC surpass $30,000 or retreat? As May approaches, some investors might be contemplating whether it is prudent to follow the traditional advice of "sell in May and go away" this year. Stay tuned for updates and the latest news us at www.coingabbar.com
Also read: FTX.US Approved by Court to Sell LedgerX at 83% Loss
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
