PEPE, SHIB, FLOKI, and BRETT lead memecoin rally as BTC breaks $65K

Popular meme coins PEPE, SHIB, FLOKI and BRETT were spotted spending time in the green as Bitcoin crossed the $65,000 psychological threshold, sparking hopes of an upcoming bull run.

According to CoinGecko data, Bitcoin (BTC) has experienced an impressive rise in the last 24 hours, rising from $63,680 to an intraday high of 65,743 and stabilizing at $65,328 at press time.

The leading cryptocurrency still needs to climb 11.2% to reach its all-time high of $73,737. This seems possible as Bitcoin has entered a technical bull market, up over 23% from its monthly low.

Bullish case for Bitcoin

Bitcoin has several potential catalysts to reach new highs; The main driver is the US Federal Reserve’s 50 basis point interest rate cut, which generally benefits risky assets like Bitcoin.

Moreover, a Polymarket survey shows that investors expect Bitcoin to reach a new high this year, with 66% of respondents predicting that the upward trend will continue.

Complementing this, Bitcoin’s Fear Greed Index has now risen to 61 from yesterday’s neutral 50; This indicates that the market is now in a Greed state and traders are more likely to buy.

At the same time, data reveals that institutional funds are flowing into spot Bitcoin ETFs. Over the past four days, spot ETFs have seen more than $600 million in inflows, bringing the total amount to $18.31 billion, according to SoSoValue.

Bitcoin balances on exchanges have also reached a new low, indicating that a large number of Bitcoin holders are transferring their cryptocurrencies to their custody. As of September 27, there were 2.34 million Bitcoins on exchanges, down from a year-to-date peak of 2.7 million.

Memecoins are on the rise

Amid the bullish trend around Bitcoin, popular memecoins have made significant gains, with many reaching double digits. The overall market cap of Memecoins increased by 16.5% in the last 24 hours to $54.9 billion.

Ethereum-based memecoin Pepe (PEPE) was the top gainer in the crypto market on September 27, surging 16.7%, with its price rising to $0.0000104, returning to levels last seen in early August. While the daily transaction volume of Meme coin showed a big jump and hovered around 2.3 billion dollars, its market value stood at 4.37 billion dollars.

Shiba Inu (SHIB), Floki (FLOKI), and Brett (BRETT) also joined the memecoin rally and rode the wave with impressive gains of 16.3%, 15.4%, and 13.8% respectively.

When Bitcoin performs well, investor confidence increases and interest in alternative cryptocurrencies, including memecoins, increases. This could result in a positive cycle where rising prices will attract more investors, further fueling price growth.