Ethereum-based memecoins rally as market reacts to potential spot ether ETF approvals
Release: 2024/05/22 06:01 Reading: 902
Ethereum-Based Memecoins Surge amid Potential Spot Ether ETF Approval
Ethereum-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 to revise their applications to list spot ether ETFs.
Notable Memecoin Performance:
- Pepe: 16% increase in the past 24 hours
- LADYS: 28% surge
- DOGE: 6% uptick
Ethereum's Rise:
ETH has also experienced a 4.6% increase to $3,746.93 during the same period.
Regulatory Uncertainty:
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. However, market participants have responded positively to recent actions by issuers and security exchanges in preparation for a potential approval.
Industry Updates:
- Fidelity Investments removed language about ether-related staking from its S-1 registration.
- Grayscale Investments dropped its staking proposal in its proposed spot ether ETF.
Disclaimer:
This article is provided for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.
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