“Ether Surges 5% Amidst the Return of Meme Craze in Crypto Market”

The crypto market has seen a surge in ether prices, with the memecoin trend gaining momentum among investors. According to Coin Metrics, ether closed the day at around $1,990, up 5.61%. It had reached a high of $1,999.59 earlier in the day, showing a strong performance. Bitcoin also ended the day up at $29,501.16, as it recovered towards $30,000. This trend is attributed to the resurgence of memecoins such as PEPE, SPONGE, dogecoin and shiba inu. However, many investors have suffered losses from investing in these highly speculative assets. Despite this, memecoin activity on chain is generating high gas fees, decreasing the supply of ether, which could boost its price in the long run. Ethereum gas fees have been revived by the return of memecoins, just today hitting 1-year highs, said Conor Ryder, research analyst at crypto data provider Kaiko.