Memecoins Surge in Anticipation of Ethereum Spot ETF Approval
CryptoNewsTerminal Staff21 May, 2024
Memecoins Surge in Anticipation of Ethereum Spot ETF Approval
Amid anticipation of the approval of an Ethereum (ETH) spot ETF, some ETH-based memecoins have surged in value. According to data from The Block, PEPE jumped 16% over the last 24 hours, LADYS rose 28%, and Dogecoin (DOGE) gained 6% in the same time frame. ETH also rose by 4.6% to hit a high of $3,746.93 during the same period. Whether the U.S. Securities and Exchange Commission (SEC) will approve a spot ETH ETF remains to be seen, but multiple asset managers have refiled amended applications. The rise in memecoin prices suggests that investors are optimistic about the potential approval of an ETH spot ETF. If approved, such an ETF would make it easier for investors to gain exposure to ETH without having to purchase and store the cryptocurrency directly. This could lead to increased demand for ETH and other ETH-based assets.
