Memecoins Lead Crypto Surge As Bitcoin Nears $100K: Analysis

2025-05-08 03:13:50

(MENAFN- eTrendy Stock) Cryptocurrency prices have soared on U.S. President Donald Trump being set to announce a trade deal with the United Kingdom, and memecoins have surprisingly exploded in the sea of green.,

While the price of Bitcoin (BTC) surged 2.5% over the last 24-hour period to now trade at $99,500 and Ethereum's ether jumped 6.5% over the same period to $1,950, memecoins are seeing far superior performance.

Data from CoinGecko shows that major memecoins are outperforming the wider crypto market. Mom Coin (MOG) is up more than 42% over the last 24 hours, while Pudgy Penguins (PENGU) jumped 27.6%. Smaller memecoins, including Joe Coin (JOE) and Basenji (BENJI) also saw major jumps of 65% and 39%, respectively.

MOG price. Source: CoinGecko.

SosoValue's Meme Index shows these tokens have started recently outperforming both BTC and ETH, after significantly underperforming these major tokens over the last few months.

Memecoin Index. Source: SoSoValue

What's behind the memecoin rally specifically isn't entirely clear. The broader market is surging on renewed optimism surrounding Trump's so-called reciprocal tariffs, and as traders dismiss the stagflation possibility.

Memecoins Surge on Renewed Crypto Market Enthusiasm

Notably, the crypto market has been seeing renewed interest. Cumulative inflows into U.S.-listed spot Bitcoin ETFs have reached an all-time high of $40.62 billion, underscoring continued institutional interest in the asset even as broader crypto markets face volatility.

The surge reflects both increasing comfort among traditional investors and growing access to BTC through regulated financial instruments. In a notable regulatory development, Arizona has become the second U.S. state to pass legislation enabling it to hold the flagship cryptocurrency.

The new law lets the state claim ownership of abandoned coins after three years of inactivity. It permits investment in Bitcoin, an early step toward integrating BTC into state-level financial infrastructure.

In global markets, Stripe has launched stablecoin-based financial accounts through its Bridge platform, offering businesses in over 100 countries access to dollar-denominated services without traditional banking infrastructure.

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