The surge in meme coins such as Shiba Inu, was probably driven by Asia-based traders and linked to the excitement around the potential for a pro-crypto shift by U.S. regulators.
This is a follow-on effect to excitement around the ETH ETF and US regulatory shift to becoming more pro-crypto, Palley added.
A surge in dogecoin (DOGE) and SHIB started during European afternoon hours Tuesday as stocks of videogame retailer GameStop (GME) rose up 19% in premarket trading.
"Popular memes are running primarily due to Asian traders entering the market again - most tend to see their prices rise most significantly during Asian trading hours, during the middle of the night US time," Rennick Palley, founding partner at crypto fund Stratos, said.
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