The price of ether jumped on Friday as investors gambled on crypto’s newest meme coins. Ether closed higher by 5.61% at about $1,990, according to Coin Metrics. It’s still below the key $2,000 level it briefly broke through in April following the Shapella upgrade. Earlier in the day it rose more than 6% to hit a high of $1,999.59. Market participants put the move on attempts to bring meme mania back to crypto. Cryptocurrencies rallied to start the year but have largely seen low volatility. Meme coins like PEPE and SPONGE as well as dogecoin or shiba inu are driven by hype and social media.
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