A surge in Ethereum-based memecoins has been witnessed as regulators appear to be reconsidering their stance on the approval of spot Ethereum exchange-traded funds (ETFs).
A surge in Ethereum-based memecoins has been witnessed as regulators appear to be reconsidering their stance on the approval of spot Ethereum exchange-traded funds (ETFs). Following reports of the U.S. Securities Exchange Commission (SEC) requesting revisions to applications for listing spot ether ETFs, several prominent memecoins on the Ethereum blockchain experienced a rally on Tuesday.
Pepe (PEPE) saw a rise of 25.7% in the past 24 hours, reaching an all-time high of $0.00001405. It has gained 131% over the past month, and is currently trading at a market capitalization of $5.81 billion, making it the third most valuable memecoin, behind Dogecoin and Shiba Inu. Mogcoin (MOG), another popular Ethereum-based memecoin , gained 10.2% over the past 24 hours, and 72% over the last 7 days. Meanwhile, LADYS, based on the Milady meme, surged approximately 28% over the past day.
The approval of spot ether ETFs by regulators remains uncertain. The first proposed spot Ethereum ETF, submitted by VanEck, faces a deadline of May 23. However, the market has responded to recent actions taken by issuers and security exchanges in anticipation of potential approval for these crypto-based investment vehicles.
Fidelity Investments made amendments to its S-1 registration with regulators on Tuesday, removing language related to ether staking from its application. Similarly, Grayscale Investments eliminated its staking proposal in its proposed spot ether ETF.
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