The anticipation surrounding the potential approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the U.S. has triggered a remarkable surge in Ethereum-based meme coins.
Over the past 24 hours, tokens such as Pepe (PEPE), Mogcoin (MOG), Shiba Inu (SHIB), and FLOKI within the Ethereum ecosystem have witnessed substantial gains, driven by increased investor interest and optimism.
Pepe (PEPE), one of the most notable Ethereum meme coins, is trading near its all-time high, according to CoinMarketCap, soaring over 17% in just 24 hours. Though less dramatically, the market value of the dog-themed cryptocurrencies Shiba Inu (SHIB) and FLOKI also rose. The former’s price has risen by over 85 in the last 24 hours while the latter, by more than13%
Other notable performers include Mogcoin (MOG), which surged by nearly 45% during the same period, and $BONK, another token originating from the Shiba Inu community, which saw a 23% increase in value.
Ethereum meme coins, often considered high-risk, high-reward assets, have gained popularity as a leveraged bet on the network’s growth, particularly during Ethereum rallies. They offer the potential for significant returns.
Notably, two Bloomberg ETF analysts, Eric Balchunas and James Seyffart, have raised the approval odds from 20% to 75%. They cited recent chatter suggesting that the U.S. Securities and Exchange Commission might be reversing its stance due to increasing political pressure.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
These speculations about ETher ETF approval have also had a broader impact on the cryptocurrency market.
RELATED: Crypto Markets Surge on Speculation of Spot Ether ETF Approval
Ether experienced an 18% rise over the last twenty-four hours, demonstrating strong investor confidence in the potential regulatory green light. Meanwhile, Bitcoin surpassed $71,000, according to data from CoinMarketCap, for the first time since early April 2024.
The U.S. SEC is scheduled to give an update on the applications of potential spot Ether ETF issuers on Thursday, May 23, 2024.
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