The crypto market on May 10, 2025, remains dynamic, with Bitcoin holding strong, meme coins surging. Here’s a market recap of the key developments.
Market Overview
- Bitcoin (BTC): BTC stabilized above $103,000, close to its all-time high of $108,786. A pullback is possible if momentum fades.
- Ethereum (ETH): ETH climbed to ~$2,300, up 5% in 24 hours, fueled by Pectra upgrade benefits and VanEck’s $6,000 year-end forecast.
Market Recap – Meme Coin Highlights
- Meme Coin Trending
- $CTHULU: A meme coin inspired by Vitalik Buterin’s “Degen Communism”
- Meme Coins Emerge Following Pope Leo XIV’s Election
- $Pope Leo XIV: centered around global interest in the new pope, hit an all-time high (ATH) market cap of $74.1 million.
- $POPE: Robert Francis Prevost ($POPE), takes inspiration from the pope’s birthname, reached an ATH market cap of $2.45 million.
- $267: Pope Leo XIV ($267), Pope Leo XIV, the 267th Bishop of Rome, carried an ATH market cap of $2.85 million.
- Big Meme Coins Gain Volume
- $PEPE: a top Ethereum-based meme coin, has risen by 80% over three days, with a market cap of $5.3 billion.
- $PNUT: a Solana’s family of meme coins, has registered even bigger increases with a market cap of $348 million.
- $MOODENG: a token based on Solana, has experienced its biggest percentage increase in growth, market cap of up to $132 million.
Key Developments
- U.S. Economic Data: Stable Jobless Claims and Nonfarm Payroll data (May 8) bolstered risk-on sentiment, supporting crypto gains.
- Russia-Ukraine Ceasefire Talks: A potential temporary ceasefire (May 8-11) reduced geopolitical risks, driving capital into crypto.
- U.S. Bank Crypto Trading: Continued approval for U.S. banks to trade crypto strengthens institutional confidence.
- Coinbase-Deribit Deal: Coinbase’s $2.9B acquisition of Deribit enhances its derivatives market presence.
Follow us! MevX is where the updates drop first, don’t miss a thing!
