Shiba

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 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.&nbsp;
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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 <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/pepe/" rel="noopener noreferrer nofollow">(PEPE)</a>, one of the most notable Ethereum meme coins, is trading near its all-time high, according to <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">CoinMarketCap</a>, soaring over 17% in just 24 hours. Though less dramatically, the market value of the dog-themed cryptocurrencies Shiba Inu <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">(SHIB)</a> and <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/floki-inu/" rel="noopener noreferrer nofollow">FLOKI</a> 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 (<a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/mog-coin/" rel="noopener noreferrer nofollow">MOG</a>), which surged by nearly 45% during the same period, and <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/bonk1/" rel="noopener noreferrer nofollow">$BONK</a>, another token originating from the Shiba Inu community, which saw a 23% increase in value.&nbsp;
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.&nbsp;
Notably, two Bloomberg ETF analysts, <a style="color: #0000ff;" href="https://twitter.com/EricBalchunas/status/1792882808748171389?t=R3OYgHbM0DF5GDxWV32Vvg&amp;s=19" rel="noopener noreferrer nofollow">Eric Balchunas</a> and <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1792636774067413502?t=_GLeSbw0dDw8wxqRiU-UkQ&amp;s=19" rel="noopener noreferrer nofollow">James Seyffart</a>, 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.
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 Update: <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@JSeyff</a> 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… <a href="https://t.co/gcxgYHz3om" rel="noopener noreferrer nofollow">https://t.co/gcxgYHz3om</a>
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1792636523050906102?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 20, 2024</a>
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These speculations about ETher ETF approval have also had a broader impact on the cryptocurrency market.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/05/crypto-markets-surge-on-speculation-of-spot-ether-etf-approval/" rel="noopener noreferrer nofollow">Crypto Markets Surge on Speculation of Spot Ether ETF Approval</a>
Ether <a style="color: #0000ff;" href="https://www.forbes.com/sites/digital-assets/2024/05/20/ether-prices-rally-past-3500-as-spot-etf-speculation-fuels-gains/" rel="noopener noreferrer nofollow">experienced</a> 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<a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow"> data from CoinMarketCap</a>, 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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The post <a href="https://defi-planet.com/2024/05/ethereum-based-meme-coins-skyrocket-amid-hopes-for-spot-ether-etf-approval/" rel="noopener noreferrer nofollow">Ethereum-Based Meme Coins Skyrocket Amid Hopes for Spot Ether ETF Approval</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Ethereum-Based Meme Coins Skyrocket Amid Hopes for Spot Ether ETF Approval

DeFi Planet

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