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Ethereum-based memecoins rally as market reacts to potential spot ether ETF approvals.
Memecoins on the Ethereum blockchain have surged due to potential approval of spot ether ETFs in the US.
PEPE's price increased by 16% in the past 24 hours, while LADYS and DOGE rose by approximately 30% and 6% respectively.
Prominent memecoins on Ethereum rallied between 5% and 30% after the US SEC requested revisions to applications for spot ether ETFs.
It is uncertain if regulators will approve spot ether ETFs, but the market has responded to recent actions by issuers and exchanges.
Fidelity Investments and Grayscale Investments have made changes to their applications for spot ether ETFs.
