Memecoin Rally Intensifies Ahead of Potential Ethereum ETF Approval

The excitement is not contained within just Ethereum (ETH) as memecoin community is also riding the wave after the U.S. Securities and Exchange Commission (SEC) signaled a green light for the approval process of an Ethereum spot ETF.

In the past half-day, numerous prominent memecoins on the Ethereum ecosystem have witnessed impressive price gains ranging from 5% to 30%, immediately following the SEC’s request for Nasdaq and CBOE to amend their ETF registration filings. This move is typically seen as a precursor to the listing and trading of new assets on exchanges.

Although it cannot be concluded with certainty whether the regulator will ultimately approve the Ethereum spot ETF, the market has reacted strongly to the recent positive signals. Before sending notices to CBOE and Nasdaq, the SEC had also requested organizations applying for Ethereum spot ETFs to submit supplemental 19b-4 filings.

Additionally, ARK Invest, Fidelity, and Grayscale have removed the “staking” component from their filings, indicating a willingness to comply with the regulatory body’s requirements.

Related: Standard Chartered Bank Forecasts Ethereum to Reach $8,000

Memecoins Surge in the Last 24 Hours

Specifically, in the last 24 hours, ERC-20, MEMEAI, PEPE and LADYS have experienced massive gains ranging from 25% to 150%.

During the same period, ETH also recorded a nearly 5% increase, surpassing the $3,800 threshold.