Ethereum-based memecoins rally as market reacts to potential spot ether ETF approvals
Quick Take
- Memecoins on the Ethereum blockchain have surged amid a change in sentiment regarding the approval of spot ether ETFs in the U.S.
- PEPE’s price has risen 16% in the past 24 hours, while LADYS and DOGE increased roughly 30% and 6%, respectively.
Ethereum-based memecoins have surged as regulators may be changing their tune regarding the approval of spot ether ETFs.
Several prominent memecoins on the Ethereum blockchain rallied between 5% and 30% on Tuesday, shortly after the U.S. Securities Exchange Commission reportedly requested at least three securities exchanges revise their applications to list spot ether ETFs.
Pepe has risen 16% in the past 24 hours, The Block's price page shows, while LADYS surged about 28% and DOGE ticked up about 6%. ETH is up about 4.6% to $3,746.93 in the same period.
It remains unclear if regulators will approve spot ether ETFs. The first deadline for a proposed spot ether ETF is May 23, with VanEck's proposal up first. Nevertheless, the market has responded to issuers’ and security exchanges' recent actions to prepare for a potential rubber-stamping of the crypto-based investment vehicles.
Fidelity Investments amended its S-1 registration with regulators on Tuesday morning. In the updated statement, the would-be issuer removed language about ether-related staking from its application. Grayscale Investments also dropped its staking proposal in its proposed spot ether ETF.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
