#Ethereum-based memecoin Pepe surged 27% to a new all-time high in the last 24 hours, driven by speculation surrounding the possible approval of spot Ether exchange-traded funds (ETFs) in the United States .

“PEPE is probably the best memecoin bet for the ETH ETF,” said crypto trader Matthew Hyland in a May 21 X post.

Pseudonymous cryptocurrency trader "Kaleo" added that it was funny how ETH is moving and PEPE is now one of the most obvious backtrades out there."

Ethereum

ETH

tickers down

€3,519

has risen 23.28% over the past two days to $3,785 amid renewed hope that the U.S. Securities and Exchange Commission (SEC) will approve spot Ether ETFs ahead of the May 23 deadline, a unexpected turn of events for analysts and the crypto industry.