This week, meme coins have taken the spotlight as they emerge as the top gainers. The surge in their value can be attributed to the highly anticipated approval of Ethereum ETFs, creating a wave of excitement and generating significant interest in the cryptocurrency market.
Ethereum (ETH) is one of the coins that has experienced gains this week, thanks to the ETF approvals. Currently trading at $3,768, Ethereum has seen a remarkable 21.2% increase in its price over the past seven days, with a market cap of $454 billion during the same period.
The surge in Ethereum’s price can be primarily attributed to the ETF approvals. The Securities and Exchange Commission (SEC) is currently reviewing the 19b-4 applications filed by the CBOE exchange, which seek to list Ethereum spot ETFs from VanEck and Ark Investments in collaboration with 21 Shares. The SEC staff has shown signs of openness to at least partially approving these products, creating a sense of optimism among investors.
In a surprising turn of events, the SEC has recently approved spot Ethereum ETFs, leading to a surge in excitement among market participants. This development marks a significant milestone for the cryptocurrency market.
Pepe (PEPE) is another coin that has experienced gains this week due to the ETF approvals. Currently trading at $0.00001499, Pepe has witnessed a substantial 59.9% increase in its price over the past seven days, with a market cap of $6.3 billion during the same period.
The surge in Pepe’s price can be attributed to the excitement surrounding the ETF approvals, which have led to a surge in altcoins and meme coins reaching new all-time highs. Pepe, along with Grok, has made significant gains during this period, positioning itself as one of the top gainers of the week.
Uniswap (UNI) has also experienced gains this week, as evidenced by its price movements. Currently trading at $11.39, Uniswap has seen a notable 43.8% increase in its price over the past seven days, with a market cap of $6.8 billion during the same period.
The surge in Uniswap’s token price can be attributed to a recent partnership announced by Uniswap Labs on May 20th. The firm introduced a new token standard called ERC-7683, which aims to solve the issue of fragmentation through a universal filler network. This announcement has generated enthusiasm within the Uniswap community, contributing to the token’s price pump.
Lido DAO (LDO) has also emerged as one of this week’s gainers, with significant price movements. Currently trading at $2.45, Lido DAO has experienced a remarkable 41.2% increase in its price over the past seven days, with a market cap of $2.19 billion during the same period.
The increase in Lido DAO’s price can be attributed to the growing enthusiasm surrounding a recent proposal by Lido Finance. The proposal aims to onboard Mellow, a novel restacking primitive that allows for the creation of permissionless LRT based on unique risk profiles and curation models. This proposal has garnered attention and renowned interest, leading to the surge in Lido DAO’s price.
Pendle (PENDLE) is yet another coin that has experienced gains, as evident from its price movements. Currently trading at $6.82, Pendle has seen a significant 39.5% increase in its price over the past seven days, with a market cap of $1.04 billion during the same period.
The surge in Pendle’s price can be attributed to the high yield of rswETH (Swell L2) on Pendle finance, which has jumped to 60%. Additionally, the airdrops of the Swell L2 Pre-Launch have further fueled enthusiasm surrounding the token, contributing to its price pump.
Overall, meme coins have taken center stage this week, driven by the excitement and anticipation surrounding the approval of Ethereum ETFs. Ethereum, Pepe, Uniswap, Lido DAO, and Pendle are among the coins that have experienced significant gains, reflecting the growing interest in the cryptocurrency market.