Two Ethereum ecosystem tokens, PEPE and MOG, have hit new highs, driven by the approval of the U.S. Ethereum ETF application, as traders view them as beta bets, CoinDesk reported. Increased interest in futures openings for both tokens suggests new money is entering the market, although PEPE's long-short ratio shows traders are betting on further price increases. Last week's approval of the key Ethereum (ETH) exchange-traded fund (ETF) application in the United States prompted some traders to view Meme coins as beta bets, with PEPE and MOG soaring to all-time highs on Monday. Frog-themed PEPE (PEPE) and cat-themed MOG (MOG) have risen 11% and 45% respectively in the past 24 hours, and the narrative as beta bets has not slowed down.
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PEPE has seen over $1.8 billion in trading volume across spot and futures, compared to a typical range of $400 million-$600 million. Meanwhile, Ethereum has gained nearly 5% over the same period, leading among major tokens, while Bitcoin (BTC) has fallen 1%. MOG has gained 45% over the past 24 hours. Futures data shows that open interest in tools tracking PEPE and MOG has surged over the past 24 hours. PEPE’s open interest has increased to $720 million from $550 million last week, while MOG’s figure has increased to $8.3 million from $5 million. An increase in open interest is seen as a sign of new money entering the market, which could portend further price volatility. However, data from Coinalyze shows that PEPE’s long-short ratio is skewed to the short side at 54%, indicating that traders are shorting, or betting on further price increases.