
April 18th, 2025
Bitcoin’s decline triggered a chain reaction, impacting other cryptocurrencies, including Ethereum, which dropped 2.18% to around $3,440, while meme coins like Shiba Inu, PEPE, Dogwifhat, and Floki fell over 10%.
For Ethereum, Kaiko Research stated that the approval of the Ethereum ETF will lead to a long-term increase in price.
The liquidations primarily took place on centralized exchanges, with Binance recording the largest single liquidation order of around $4.21 million.
Coinbase announced similar listings in May, which included Bonk, FLOKI, and Shiba Inu perpetual futures on the leading crypto exchange.
Despite Novogratz’s enthusiastic support, not everyone in the industry agrees with his views on meme coins.
The popular meme stock trader Keith Gill, alias Roaring Kitty revealed a GME stock portfolio of more than $110 million.
Dogecoin price has significantly underperformed other meme coins in the recent past led by Shiba Inu, Pepe, Floki, and Bonk, among others.
Among the trio, PEPE, the frog-faced memecoin, took the highest hit. The meme coin suffered 12% decline on Thursday and is currently seated as the 26th biggest digital asset globally with a market cap of over $6 billion.
Mt. Gox has around $9.2 billion worth of BTC to return to its former customers, and the deadline is October 31, 2024.
Shiba Inu’s recent rally could be attributed to different factors, including strategic partnerships, renewed investor interest, and recent technological upgrades in the Shiba Inu ecosystem.
GameStop’s successful share sale has strengthened the company’s balance sheet and has also fueled speculation about its future moves.
The Dogecoin community is celebrating the life of Kabosu, the Shiba Inu that brought forth a decade of meme coins on the internet.
While the expiration of the 375,000 BTC and ETH options, with a combined valuation of close to $3 million, may influence market dynamics, the overall impact is uncertain.
The rally in Bitcoin price and spot Bitcoin ETF inflows comes as the US SEC decision date for spot Ethereum ETFs inch closer.
Coinbase has not limited its expansion to products and services alone as it equally pursues diversification outside the United States where it has faced several legal challenges.