Memecoins
PEPE Meme Coin Skyrockets to New ATH After Ether ETF Approval by Investors
PEPE is on fire. The popular Ethereum-based meme coin hit an all-time high of $0.00001422 on May 22, up more than 26% in the past 24 hours.
The possibility of a spot Ether ETF has fueled excitement and price rallies, particularly in meme coins including PEPE, as investors eagerly anticipate the potential impact on the market.
PEPE leads the resurgence of meme coins
The rally appears to be fueled by favorable regulatory developments that have increased the likelihood of a spot Ether ETF being approved, which would provide easier access to Ethereum investing for institutional investors.
The meme coin industry as a whole has grown to a significant market capitalization of nearly $61 billion, with a daily trading volume of over $13 billion.
PEPE, for example, has been one of the best-performing meme coins during this latest market rally, setting a new all-time high price after rising nearly 120% over the past month. Experts believe that PEPE will continue to experience significant growth – even doubling or tripling its value – in the coming weeks.
Other meme coins, such as Milady Meme Coin (LADYS), have also seen significant gains of around 20% in the past 24 hours. During the same period, BONK and FLOKI gained 5.28% and 11.50%, respectively.
OG meme coin Dogecoin (DOGE) and Shiba Inu (SHIB) posted modest gains of 2.60% and 2.28% over the past day.
Ethereum Spot State ETF
Investors are closely monitoring the Ethereum ecosystem and the broader cryptocurrency market due to recent regulatory developments that have sparked speculation about the SEC’s potential approval of a spot Ether ETF.
The agency’s exchange request to update their 19b-4 filingswhich proposes rule changes, suggests progress toward approving a spot Ether ETF, leading to a surge in prices as such a product could lead to greater institutional investment and mainstream adoption.
Despite this progress, the SEC could still reject the S-1 registration statement, delaying the ETF’s approval and the start of trading.