Digital meme tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) are joining this year’s cryptocurrency rally.
In the past 48 hours, the price of Dogecoin has risen nearly 10% while Shiba Inu’s price has increased 12%.
Pepe coin (PEPE), another meme token that features the image of a cartoon frog, has risen a staggering 83% in recent trading sessions, according to data from CoinGecko.
The gains come as the rally in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) broadens out to include more digital assets.
Meme tokens are known for their irreverence. Most were started as a joke, feature cartoon images of animals, and have no practical function or utility.
Still, retail investors periodically push the price of meme tokens up to new heights, and some, such as Dogecoin, are championed by people like Tesla (TSLA) CEO Elon Musk.
The latest surge in meme tokens comes as Bitcoin posts a strong week of gains, with its price holding above the key threshold of $30,000 U.S.
Bitcoin is currently trading just above $31,000 U.S., up 14% in the month of June and up 87% year to date. Ethereum is trading at just under $1,900 U.S., up nearly 60% on the year.
Cryptocurrencies are rallying right now on growing expectations that the U.S. Securities and Exchange Commission (SEC) will soon approve Bitcoin spot exchange-traded funds (ETFs) in America.
Also, EDX Markets, a new cryptocurrency exchange, made its debut recently and is backed by major investment firms such as Fidelity and Charles Schwab (SCHW).
