Memecoin's New Surge Prompted by Asia, Says Stratos Founder

IconCryptoNewsTerminal Staff29 May, 2024

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Memecoin's New Surge Prompted by Asia, Says Stratos Founder

Memecoins have recently seen a surge in popularity, and according to Rennick Palley, founding partner of crypto and blockchain-focused investment firm Stratos, Asia is leading the charge. Palley, in an interview with CoinDesk, explained that, "Asia is leading the charge in the latest memecoin surge." He further explained that "memecoins tend to rally during Asian trading hours — that is, in the middle of the night in the U.S." He attributes this trend to increased regulatory acceptance of cryptocurrencies in the U.S. as the Securities and Exchange Commission (SEC) moves toward approving a spot ether (ETH) exchange-traded fund (ETF). This positive regulatory development is seen as a sign that the U.S. crypto regulatory landscape is becoming more favorable, which is contributing to the rally in memecoins.

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