Ethereum-based meme tokens have surged in value amid rumors of an imminent ETF launch

The largest blockchain-based meme coins added between 9% and 22% overnight

22.05.2024 - 11:40

2 min

What’s new? The rates of several meme tokens based on the Ethereum blockchain showed a sharp rise amidrumors about the possibility of the imminent approval of spot Ethereum exchange-traded funds (ETFs) in the United States. Thus, on May 21, the securities regulator SEC asked issuers to update some of the documents filed for the launch of funds, after which the total capitalization of the crypto market grew by almost 8%.

Data from the CoinGecko aggregator

What else is known? PEPE, the largest Ethereum-based meme token and the third in the overall ranking of similar assets, grew by 21,7% over the day and updated its historic high at $0,00001381. The capitalization of the asset exceeded $5,7 billion.

Milady Meme Coin (LADYS), linked to the NFT collection of the same name, added 8,9% and reached its highest since April 23 at $0,000000225488. Weekly growth of the asset amounted to 54,7%.

The MAGA (TRUMP) token, which uses former US President Donald Trump as a mascot but is not directly linked to the politician, also gained 21% overnight to reach $9,03, the highest level since March 5.

Kaiko: YTD meme token yield reaches 1800%

Weekly trading volume is up by 200% over the same period

In response to the SEC’s call, updated Form 19b-4 filings were provided by investment firms Fidelity, VanEck and Franklin Templeton, as well as Galaxy and Invesco (jointly) and ARK Invest and 21Shares (jointly), removing the staking provision.

Under the new wording, issuers and their partners will not lock coins into the protocol to participate in network security and rewards.

However, even approval of Forms 19b-4 does not mean new funds will be allowed into the market. Regulators must also approve the Form S-1 filings that public US companies make to register new securities (in this case, fund shares).

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