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This is why Ethereum meme coins are flying: PEPE and MOG Lead
The wait for the potential approval of Ethereum (ETH) spot Exchange Traded Funds (ETFs) in the United States has triggered a notable surge in Ethereum-based meme coins.
Over the past 24 hours, several tokens within the Ethereum ecosystem have recorded significant gains, fueled by growing investor interest and optimism.
Pepe and Mogcoin skyrocket
Ethereum meme coins, often seen as high-risk, high-reward assets, have become a popular way to bet on network growth. They are considered a leveraged bet during Ethereum rallies.
This phenomenon was observed recently when two Bloomberg analysts have increased the probability of approval of the ETH ETF. As a result, Ethereum ecosystem tokens have surged.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
Pepper (PEPPER), one of the most prominent Ethereum meme coins, is trading near its all-time high, surging more than 17% in just 24 hours. PEPE is known for its volatility and the potential for outsized gains, making it a favorite among speculative investors.
Another outstanding artist is Mogcoin (MOG), which skyrocketed nearly 45% over the same period. Amid these developments, the story of mogillionaire.eth, an Ethereum naming service (ENS), has fascinated the crypto community.
In July 2023, mogillionaire.eth invested 8.8 ETH, equivalent to $16,000 at the time, to acquire 3.37 trillion MOG tokens.
“Fortunately, 7 months later, his dream came true and he became a millionaire on February 27, 2024. The 3.37 trillion MOG was worth more than $4 million at peak and is currently worth $2.83 million,” on-chain analysis Lookonchain platform She said.
PEPE and MOG price trend. Source: TradingView
While PEPE and MOG have grabbed headlines with their impressive gains, other Ethereum-based tokens have also performed well. Shiba Inu (SHIB) AND Floki (FLOKI)while not matching the explosive growth of PEPE and MOG, they still recorded increases of nearly 7% and 10% respectively.
To know more: Pepper: a complete guide on what it is and how it works
The surge extends beyond meme coins. Referee (ARB)another Ethereum-based token, rose 25%.
Furthermore, Lido DAO (LDO) saw a notable increase of 33%. These gains reflect broader bullish sentiment within the Ethereum ecosystem, led by the potential ETF approvalthe continuous development of the network.
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