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Meme tokens created on the Ethereum platform are showing growth
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Meme tokens created on the Ethereum platform are showing growth

May 22, 2024

Several memecoins on the Ethereum blockchain rose in price after news emerged of a possible change in regulatory stance regarding the approval of Ether-based spot ETFs.

On Tuesday, the value of some well-known memcoins on the Ethereum blockchain increased by 5-30%. This comes after the US Securities and Exchange Commission (SEC) asked at least three exchanges to reconsider their applications to list ether-based spot ETFs.

The PEPE token is up 16% in the last 24 hours, LADYS is up about 28%, and DOGE is up about 6%. Over the same period, ETH rose 4.6%, reaching $3,746.93.

It remains unclear whether regulators will approve ether-based spot ETFs. The first deadline for consideration of a proposed Ether spot ETF is May 23, and VanEck's proposal is first in line. However, the market has already reacted to recent moves by issuers and exchanges to prepare for the possible approval of these investment vehicles.

On Tuesday morning, Fidelity Investments amended its S-1 filing with regulators. In the updated statement, the potential issuer removed language related to ether rates. Grayscale Investments also abandoned its proposal to list shares in a proposed ether spot ETF.

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