Ethereum-based memecoins rally as market reacts to potential spot ether ETF approvals

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The Block2024/05/21 22:05

By:Elizabeth Napolitano

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 rally as market reacts to potential spot ether ETF approvals image 0

Ethereum ETH +3.69% -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 PEPE +19.49% has risen 16% in the past 24 hours, The Block's price page shows, while LADYS +25.86% surged about 28% and DOGE +3.86% 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 content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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