Memecoins "Moon" as Ethereum ETF Spot Effect Takes Center Stage
Numerous memecoins on Ethereum are surging thanks to the heating up of the Ethereum ETF spot effect.
Memecoins "Moon" as Ethereum ETF Spot Effect Takes Center Stage. Photo: Coingape
It's not just ETH responding positively to the SEC's signals of approving Ethereum ETF spots, but memecoins are also riding the wave.
Top memecoins have surged between 5-30% in the past 12 hours. Source: CoinMarketCap
A slew of standout meme tokens within the Ethereum ecosystem have risen between 5% to 30% over the past half-day, right after the U.S. Securities and Exchange Commission (SEC) required Nasdaq and CBOE to amend their ETF registration filings. This is a reminder from the SEC that typically occurs before new asset listings on stock exchanges.
In the past 12 hours, PEPE, LADYS, FLOKI, and DOGE have increased by 26%, 28%, 13%, and 6% respectively. At the same time frame, ETH has risen nearly 5%, approaching the $3,800 mark.
1H chart of ETH/USDT pair on Binance at 09:40 AM on May 22, 2024
Currently, it's still uncertain whether regulators will ultimately approve the Ethereum ETF spot. The initial deadline for a final answer is May 23 for VanEck's profile. However, the market has reacted strongly to recent "green light" signals. Before the SEC notified CBOE and Nasdaq, the securities regulator required ETF Ethereum spot registrants to submit additional Form 19b-4 filings.
Moreover, ARK Invest, Fidelity, and Grayscale have also removed the "staking" category from their registration forms, indicating a cooperative stance towards the SEC.
