Tokens on the Ethereum ecosystem, including meme coins such as MOG and PEPE, soared after Bloomberg analysts increased the likelihood of an Ethereum ETF being approved.

The new probabilities, 75% versus 20%, fueled a market surge that saw Ethereum rise more than 17% on the day and Bitcoin return to $71,000.

Meme token MOG is up almost 50% and PEPE is up more than 20%. Among utility projects, the staking application Lido’s LDO grew by 15%, and the ARB token of the Ethereum layer-2 Arbitrum blockchain grew by 18%.

Meme tokens are increasingly seen as a way to bet on the growth of their underlying blockchain.