Meme coins Shiba Inu (SHIB) and PepeCoin (PEPE) experienced significant gains following Bitcoin's brief breach of $30,000, coinciding with the US Federal Reserve announcing a crypto supervision program.
According to Decrypt, Shiba Inu (SHIB) and PepeCoin (PEPE), both popular meme coins, saw substantial gains overnight, with SHIB rising by 9.8% and PEPE up by 12.7%, according to CoinGecko data. This boost comes as Bitcoin (BTC) reached a new monthly peak of $30,126 before pulling back to around $29,780.
The wider crypto market also benefited from this uptick, with Ethereum (ETH) trading 1.7% higher and the total crypto market capitalization increasing by around $25 billion or 2%.
These bullish market moves coincide with the launch of PayPal’s stablecoin PYUSD and the U.S. Federal Reserve launching a crypto supervision program. On Tuesday, the central bank initiated a "novel activities supervision program" to oversee crypto activity through state-regulated banks. The Fed also provided guidelines for stablecoin issuance and transactions to ensure the activity is conducted safely and soundly. It aims to offer "greater clarity" for entities as "financial services and related technologies continue to evolve."
U.S. regulators have faced criticism for their lack of regulatory clarity on crypto matters, making these recent developments a positive step towards improved supervision.