Bitcoin Reclaims $65K As Meme Coins Surge 17%, Led By Shiba Inu

Updated: 27 September 2024

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Bitcoin (BTC) has reclaimed the $65K level after a 2% pump in the last 24 hours as the meme coin market, led by Shiba Inu, surged 17%.

Bitcoin soared to a 2-month high to trade at $65,485.14 as of 2:34 a.m. EST, pushing the flagship crypto’s market cap to above $1.29 trillion. BTC was buoyed by inflows into spot Bitcoin ETFs (exchange-traded funds) that surged to $365.7 million on Sept. 26, the highest since July 22’s $486 million.

Risk-on appetite in crypto markets returned after China boosted market sentiment earlier in the week with a package of stimulus measures that included a rate cut. That followed a 50 basis point rate reduction by the Federal Reserve on Sept. 18, its first in more than four years.

QCP Capital said on Sept.25 that ”the stars are aligning” for the global macro environment, with all major central banks except the Bank of Japan ready to inject liquidity into the global market to support growth

“The macro space continues to look more and more bullish for risk assets, including crypto,” it said. “We know how explosive crypto prices can be, and with so many bullish catalysts, we think the next move higher will leave many people surprised and sidelined.”

Shiba Inu Leads Meme Coins Higher With A 20% Pump

SHIB led gains among the biggest meme coins by market capitalization with a 17% surge in the last 24 hours, pushing the dog-themed token’s price to $0.00001926.

Bonk (BONK) and FLOKI posted the second and third biggest gains, respectively. BONK pumped over 17%, while FLOKI’s price rose more than 16%.

Presale meme coins also are benefitting from the return of investors’ animal spirits. Layer-2 altcoin Pepe Unchained (PEPU) has raised over $15.5 million through its ICO, with more than $1.5 million added in the past week alone.

An incredible $15M raised! 🔥

Get warmed up for the biggest launch of this bull season! pic.twitter.com/EyDn4uzZ6z

— Pepe Unchained (@pepe_unchained) September 24, 2024