The cryptocurrency market has witnessed a remarkable surge in meme coins, led by Shiba Inu (SHIB), while Bitcoin (BTC) and Ethereum (ETH) prices have experienced a slight decline. This phenomenon has been attributed to the enthusiasm of Asian investors, who are driving the meme coin rally, buoyed by positive expectations surrounding the potential approval of spot Ethereum ETFs in the US.

Over the past 24 hours, Bitcoin and Ethereum have lost around 1% of their value, while major cryptocurrencies like Solana (SOL), XRP, and BNB have shown minimal changes, reflecting a relatively stagnant market trend. However, meme coins have bucked this trend, with Shiba Inu recording an impressive 12% increase. This upward trajectory began on Tuesday afternoon in Europe, coinciding with a 19% pre-market trading surge for GameStop (GME), a stock historically influential in shaping meme coin trends.

According to Rennick Palley, co-founder of crypto fund Stratos, Asian investors are primarily driving this rally, as they typically experience the largest price increases during trading hours coinciding with midnight in the US. Palley attributes this activity to the excitement surrounding the potential approval of a spot Ethereum ETF in the US and a perceived shift towards more crypto-friendly regulations.

In addition to Shiba Inu, other meme coins like PEPE and MOG have also experienced significant gains, with some doubling their value within the past week. These increases are seen as speculative bets on the Ethereum ecosystem, fueled by enthusiasm over a possible Ethereum ETF introduction in the US.

Meanwhile, Bitcoin continues to trade within a decline range, despite recent fluctuations. According to Alex Kuptsikevich, a senior market analyst at FxPro, Bitcoin needs a clear breakout and daily close above $70,000 to overcome its current downtrend. Until such a breakout occurs, Bitcoin is expected to retreat to the $67,000 range.

As the cryptocurrency market continues to evolve, this unexpected surge in meme coins has sparked renewed interest and speculation among investors. While Bitcoin and Ethereum remain the dominant players, the rise of meme coins like Shiba Inu, PEPE, and MOG has added a new layer of complexity and excitement to the market. As investors navigate this shifting landscape, one thing is clear: the cryptocurrency space is full of surprises, and the next big move is always just around the corner.