Ether rose more than 6% at one point Friday and was hovering just below the key $2,000. Market participants put the move on attempts to bring meme mania back to crypto.
The newly created SpongeBob token (SPONGE) has surged almost 600% since and is trading at less than 1 cent per coin, according to CoinMarketCap. Pepecoin (PEPE) is up more than 120% over the past 24 hours.
“One of the main reasons ETH is up … is down to a resurgence of memecoins,” said Conor Ryder, research analyst at crypto data provider Kaiko. “Whatever your thoughts on memecoins, the facts are they drive users to transact on Ethereum, which helps the network earn more fees. Ethereum gas fees have been revived by the return of memecoins, just today hitting 1-year highs.”
This article was originally published by CNBC.
