Two Ethereum ecosystem tokens soared to record highs last week with the approval of Ethereum (ETH) exchange-traded fund (ETF) applications in the US.
Frog-themed pepe (PEPE) and cat-themed mog (MOG) have increased by 11% and 45% respectively in the last 24 hours. PEPE's spot and futures trading volume, which normally ranges between 400 million and 600 million dollars, rose to over 1.8 billion dollars following the developments.
These gains came as ether rose nearly 5% over the same period. Ether led the rise among major tokens as bitcoin (BTC) lost 1%. CoinDesk 20 Index (CD20) lost 0.3% value in the same period.
Futures data shows that open positions of PEPE and MOG have increased over the last 24 hours. PEPE's open positions increased from $550 million recorded last week to $720 million, while for MOG this figure increased from $5 million to $8.3 million. An increase in open positions indicates that there is new money entering the market, which may indicate volatility.
However, according to Coinalyze data, the long-short position ratio for PEPE seems to be in favor of the bears with 54%. This shows that traders took short positions against the price increase.
Traders are seeing PEPE and MOG as a leveraged way to gain exposure to ether, CoinDesk reported last week. The tokens' rally began as analysts' expectations for trading confirmation of Ethereum ETFs increased.
PEPE approaches the top 20 tokens with a market cap of over $6 billion, earning some early investors millions of dollars with an initial purchase of just $460.
Since 2023, meme tokens, which are often considered to have no real value but still have a large following, continue to stand out regardless of ecosystem.
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