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Many altcoins in the Ethereum (ETH) ecosystem, including popular memecoins, saw significant increases after Bloomberg analysts greatly increased the likelihood of spot Ethereum exchange-traded funds (ETFs) being approved. Analysts raised the approval probability from 20% to 75%, causing a market-wide rally. This bullish sentiment led ETH to rise over 17% in a single day and Bitcoin to surpass $71,000 for the first time since early April.
The Rise of Mog and Pepe
The increased likelihood of spot Ethereum ETF approval had a notable impact on various Ethereum-based altcoins. Memecoins like the cat-themed Mog (MOG) token, inspired by a popular TikTok meme, surged nearly 50%, while the frog-themed Pepe (PEPE) rose over 20%.
Launched in 2023 on Ethereum, MOG and PEPE have become significant players in the memecoin market alongside popular altcoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
In addition to memecoins, utility altcoin projects within the Ethereum ecosystem also saw substantial gains. The staking application Lido’s token LDO rose 15%, and the Ethereum Layer 2 network Arbitrum’s ARB increased by 18%. DOGE and SHIB also saw modest gains of around 6%. These movements reflect the broad impact of the potential spot ETF approval on the entire Ethereum ecosystem.
Often seen as leveraged bets on the growth of their underlying blockchains, memecoins responded strongly to the news. MOG token core team member Viro stated that established memes like MOG are considered high-beta assets for Ethereum and attract investors with significant price appreciation potential. He noted that MOG’s strong performance compared to PEPE suggests it has more room for growth, making it an attractive option for those looking to invest in memecoins.
Ecosystems and the Memecoin Phenomenon
The memecoin phenomenon driving ecosystem growth is not limited to Ethereum. Solana-based memecoins also saw significant increases from December to March, paralleling SOL’s rise and contributing to increased interest and investment in the Solana network.
Similarly, the Avalanche Foundation announced its intention to invest in memecoins, recognizing their potential to boost online culture and investor interest. This announcement led to a surge in the prices of many Avalanche-based memecoins and the emergence of numerous new memecoins.
