Crypto News: Meme Coins Make a Comeback on the Return of the Bulls

Key Insights:

• BTC-spot ETF progress fueled impressive gains across the crypto market in the week ending October 29.
• FLOKI and PEPE were among the front runners, outmuscling mainstream cryptos, including BTC and ETH.
• BTC-spot ETF-related news will likely remain the focal point as crypto investors return to market.

VanEck Amended Filing Draws Investor Interest

On Sunday, the crypto market looked more closely at the VanEck Bitcoin Trust ETF amended filing. Finance lawyer Scott Johnsson observed a nuance in the VenEck filing, saying,

“Similar language to the BlackRock amendment re: seeding. Perhaps not too surprising given both issuers are represented by the same lawyers at Clifford Chance. Except here, instead of seeding with cash like iShares, VanEck suggests they’ll seed with bitcoin.”

Johnsson added,

“Caution not to read too much into this. Still, it’s an affirmative addition so either suggestive of actual intent or maybe just rather lazy lawyering.”

Meme Coins and Gaming Tokens Enjoyed a Bullish Week

Floki (FLOKI) and Pepe (PEPE) were among the front runners in the week ending October 29.

FLOKI jumped 40% on a new staking program, with the launch of a sister token, TokenFI, to reward FLOKI stakers. Notably, Floki imposed a 20% buy/sell transaction tax for the first hour of launch before reducing the tax to 5%. Floki raised the tax to address the impact of snipers and to give the Floki treasury access to the tax income for growth and development.

PEPE surged by 54%. While benefiting from a broad-based crypto rally, the PEPE token burn likely contributed to the gains. PEPE burned 6.9 trillion tokens, equivalent to $5.5 million, fueling the breakout week. Token burns reduce the number of tokens in circulation.

Injective (INJ), Mina (MINA), Gala (GALA), and Conflux (CFX) were also among the front runners. MINA gained 52%, GALA and INJ rose by 44% and 51%, with CFX ending the week up 44%.

In contrast, BTC and ETH ended the week with gains of 15% and 8%, respectively.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC break above the $35,265 resistance level would support a move toward the $36,400 resistance level. BTC-spot ETF application-related news will continue to influence investor sentiment.

However, a BTC fall below $34,000 would bring the $32,436 support level into view.

The 14-Daily RSI reading of 79.45 shows BTC sitting in overbought territory.

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs, affirming bullish price signals.

An ETH move through the $1,805 resistance level would bring the trend line into play.

SEC activity, updates from the ongoing SEC cases against Coinbase (COIN) and Ripple, and crypto-spot ETF-related news will dictate buyer appetite.

An ETH break below the $1,741 support level would support a move to the 200-day EMA.

ETH sits on the border of overbought territory with a 14-Daily RSI reading of 67.41. Seller demand could intensify at 70, barring a favorable crypto market event.