The crypto rally is still in full swing. After Cointelegraph incorrectly reported last week that the US Securities and Exchange Commission (SEC) had approved the Bitcoin spot ETF application from the asset manager BlackRock, the rumor mill surrounding the investment product also heated up this week. The supposed appearance of the trading symbol IBTC – the BlackRock Bitcoin Spot ETF called iShares – also caused a price rally this week.
Although it emerged shortly afterwards that the abbreviation had already been listed for months and that its supposed appearance was a non-event, investors, contrary to expectations, did not punish this. On the contrary: on today’s trading day, the entire crypto market recorded an increase of 2.7 percent, bringing the total market capitalization to 1.322 trillion US dollars at the time of writing. The biggest beneficiary? Not Bitcoin, but the Memecoin Pepe.
Bitcoin, Ether, XRP: Crypto trading made in Germany
Get into the crypto market effortlessly with BISON, from the Börse Stuttgart group. The first crypto platform backed by a traditional securities exchange.
Pepe leads the crypto rally
With a weekly increase of 21.5 percent, Bitcoin doesn’t even make it into the top 10 biggest winners on the crypto market. The ranking is led by the memecoin Pepe, which was believed to be dead, and which recorded an increase of an impressive 93.3 percent in a 7-day comparison. The reason? Probably a gigantic token burn that the development team behind the fun cryptocurrency on X (formerly Twitter) announced. The team burned 6.9 trillion tokens. Equivalent: $6 million. This accounts for 1.64 percent of the total supply of 420.69 trillion tokens.
But Pepe is not the only altcoin that has increased significantly week-on-week. In second place in the ranking is Mina with 78 percent plus, in third place is Gala with 56 percent.
This might also interest you