"Many people must now be more interested in looking at memecoins that have something to do with SOL and ETH, right?"
Well-known memecoins on the Ethereum (ETH) and Solana (SOL) ecosystems such as Pepe Coin (PEPE) and dogwifhat (WIF) which are significantly increasing are seen as one way to bet on the blockchain race and then spread to tokens on other networks.
The rise of both memecoins has come as crypto enthusiasts are taking more interest in them, with PEPE in ETH rising to $0.0000029 having recorded a 165% climb over the past week while SOL-based WIF has gained 82%.
Tracking the futures of the PEPE token, less than $5 million in liquidated bets have shown price increases mostly driven by spot demand and this means such price action could spread to memecoins on other networks.
It is well known that memecoin's bullish momentum came shortly after ETH and SOL gained over 8% in the past 24 hours while the price of Bitcoin (BTC) surpassed $57,000 for the first time since November 2021.
It is also worth noting that the Avalanche Foundation (AVAX), a non-profit organization that maintains the AVAX blockchain has begun investing in meme tokens built on the network in recognition of online culture and the memetic value the token can drive among investors.
According to ContentFi's Chief Operating Officer (COO) Nick Ruck, memecoins are often pumped following the rise of blue chips while traders change their positions from BTC and ETH to altcoins even though memecoins are out of the narrative.
Reportedly, six wallets sold 1.98 trillion PEPE worth $4 million early Tuesday which contributed to some selling pressure with a total profit of $2 million later 5 wallets possibly owned by the same person deposited 1.5 trillion PEPE worth $3.3 million to Binance.
