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How Did Mog and Pepe Perform?
The heightened chances of spot Ethereum ETF approval greatly impacted various Ethereum-based altcoins, especially memecoins. The cat-inspired Mog (MOG) token, which gained popularity on TikTok, saw a nearly 50% surge, while the frog- themed Pepe (PEPE) climbed more than 20%.
Since their launch in 2023 on Ethereum,
MOG and PEPE have become notable
players in the memecoin market, joining the ranks of Dogecoin (DOGE) and Shiba Inu (SHIB). The burgeoning interest in
these tokens underscores the broader influence of potential ETF approval on the Ethereum ecosystem.
Beyond memecoins, utility altcoins within
the Ethereum network also posted
significant gains. Lido's token (LDO) rose by 15%, and Arbitrum's token (ARB)
increased by 18%. DOGE and SHIB
experienced modest gains approximately 6%, reflecting of the widespread impact of the anticipated ETF approval.
Why Are Memecoins Thriving?
Memecoins often serve as leveraged bets on their underlying blockchains' growth, reacting strongly to news related to the ecosystem. Viro, a core team member of MOG, commented that well-established memes like MOG are considered high-beta assets for Ethereum, attracting investors with substantial price appreciation potential. He indicated that MOG's strong performance relative to PEPE suggests more growth potential, making it an appealing investment in the memecoin market.
