Pepe News Crypto – Ethereum Tokens Soar on Optimism Following U.S. ETF Filings

Pepe News Crypto – Ethereum Tokens Soar On Optimism Following U.S. ETF Filings

Pepe News Crypto – Ether experienced a notable surge over the weekend, outperforming Bitcoin amid renewed optimism surrounding the second-largest cryptocurrency.

On Monday, two Ethereum ecosystem tokens reached record highs. This surge followed last week’s approval of key ether (ETH) exchange-traded fund (ETF) filings in the U.S., which led some traders to view meme tokens as attractive beta bets.

Pepe (PEPE), a frog-themed token, and Mog (MOG), a cat-themed token, saw impressive gains of 11% and 45%, respectively, within 24 hours. The concept of beta bets involves gaining exposure to a primary asset by investing in associated networks or protocols. PEPE’s trading volumes across both spot and futures markets soared to over $1.8 billion, significantly higher than the typical $400 million to $600 million range.

Ether itself rose nearly 5% during the same period, leading the charge among major cryptocurrencies, while Bitcoin (BTC) declined by 1%. The broader CoinDesk 20 (CD20) index, which tracks the largest tokens excluding stablecoins, fell by 0.3%.

Futures data indicates a significant increase in open interest for pepe and mog-related instruments over the past 24 hours. PEPE’s open interest climbed to $720 million from $550 million last week, and MOG’s rose to $8.3 million from $5 million. Rising open interest is generally seen as an influx of new money into the market, potentially indicating future price volatility.

However, Coinalyze data shows that the long-to-short ratio for PEPE is tilted towards the bears at 54%, suggesting that traders are betting against further price increases.

According to a CoinDesk report from last week, traders have been viewing PEPE and MOG as leveraged ways to gain exposure to ether. The rally in these two tokens began when analysts increased the likelihood of ether ETFs being approved for trading in the U.S.

PEPE has even ascended into the ranks of the 20 largest tokens by market capitalization, now exceeding $6 billion, turning early investments of just $460 into millions.

Since 2023, meme tokens, typically considered to have no intrinsic value but boasting significant followings, have risen to prominence as beta bets within their respective ecosystems. Several Solana-based meme tokens surged between December and March as the network’s SOL tokens appreciated, contributing to ecosystem growth and attracting attention. Additionally, in December, the Avalanche Foundation, which oversees the Avalanche blockchain, announced it would invest in meme tokens built on the network, recognizing their cultural and memetic value among investors.