Meme Coin Explodes on Ethereum ETF Bullishness as Pepe Hits ATH

Meme coin soared for two days in a row as optimism grew that the U.S. Securities and Exchange Commission (SEC) would approve a spot Ethereum ETF (exchange-traded fund) as early as tomorrow.

The overall market capitalization of the meme coin sector increased 5.9% over the past 24 hours to $61.06 billion. Ethereum-based PEPE is leading the gains after surging 26% on May 22 to hit an all-time high of $0.0000142.

According to one cryptocurrency trader at X, PEPE is one of the best meme coins to buy given the current market sentiment.

#pepe Probably the best MEME coin play. #ETH ETF pic.twitter.com/q6QFhR1KlR

— Matthew Hyland (@MatthewHyland_) May 20, 2024

PEPE was trading at $0.0000136 as of 3:15 AM EST.

Optimism on Increased Spot Ethereum ETF Approvals – A New Bull Market?

Optimism about the potential approval of a spot ETH ETF soared after talk that the SEC may change its stance.

CoinDesk reported that exchanges that list and trade the ETH ETF were suddenly asked by the SEC’s Trading and Markets Division to update their filings.

The development suggested regulators may be preparing to approve fund manager VanEck’s application to launch an Ethereum ETF before Thursday, when it is expected to decide.

Bloomberg ETF analysts increased their odds of approval on May 21 to 75% from 25% previously. According to the Polymarket contract, the same-day approval probability was over 61%, and that probability subsequently improved to 69%.

According to the report, five physical spot ETF issuers have already submitted revised filings. These are Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares and Franklin, which filed amended 19b-4s with the SEC on Tuesday.

Fidelity removed all words related to staking and staking rewards from the revised filing. Eric Balchunas, ETF expert at Bloomberg Intelligence, said that if Fidelity’s amendment is approved, it is a sign that the SEC will not allow staking of assets within the spot ETH ETF.

Meme coins are back in the spotlight

Meme coins tend to attract attention during important events in the cryptocurrency market. In addition to PEPE, other top meme coins on the ETH blockchain, Shiba Inu (SHIB) and FLOKI, also recorded gains.

SHIB is up 1.8% in the last 24 hours, while FLOKI is up more than 11%.

Meme coin has proven to be a lucrative investment in the recent rally and some traders are already locking in profits on PEPE after it reached a new ATH.

BlockTower Capital 202B Transfer $PEPE(USD 2.8 million) ~ #cumberland On sale since 2 hours ago $PEPE The price surpassed $0.000014.

BlockTower Capital acquired 202B. $PEPE(USD 2.22 million) #cumberland 6 days ago.

Earned $578,000 in 6 days with an ROI of 26% https://t.co/bSxQ2JVkZJ… pic.twitter.com/zyntQBRmre

— Lookonchain (@lookonchain) May 22, 2024

As Ethereum-based meme coins soar, investors are also snapping up the hottest pre-sale coins.

Among some analysts’ favorites are Dogeverse, a Doge-themed meme coin that was one of the best presales of the year after a whopping $15 million in funding, and Sealana (SEAL), a Solana presale whose raised funds soared past $2.3 million. there is.

Another hot pre-sale is WienerAI (WAI), a hybrid meme coin/AI token that comes with an advanced trading bot. To date, we have raised over $2.5 million.

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