%MemeCoins associated with the %Ethereum (CRYPTO: $ETH) ecosystem have risen to all-time highs following regulatory approval of spot Ether exchange-traded funds (ETFs) in the U.S.
Frog-themed %PepeCoin (CRYPTO: $PEPE) and cat-themed Mog (CRYPTO: $MOG) rose 11% and 45% respectively in the past 24 hours, with each digital token hitting record highs.
Trading volumes for Pepe coin surged to $1.80 billion U.S. compared with a more usual range of about $600 million U.S.
The gains come as the price of Ethereum rose more than 25% in the last week after the U.S. Securities and Exchange Commission (SEC) approved spot Ether ETFs for the U.S. market.
Traders are using Pepe coin and Mog as indirect ways to gain exposure to Ethereum. A rally in the two tokens started when analysts raised the odds of Ethereum ETFs being approved.
Meme tokens, which have no intrinsic value and serve no practical purpose, have been steadily rising since late 2023 as investors’ risk appetite and interest in crypto grows.
Meme coins associated with %Bitcoin and %Solana have also risen in recent months as a broader rally in %Cryptocurrencies accelerates following a brief pause in April of this year.
Ethereum’s price is now up 65% on the year and trading at $3,901.28 U.S. per token.
