This week has seen a surge in meme coins, making them the top gainers of the week. This increase in popularity can be attributed to the anticipated approval of Ethereum ETFs, which has generated excitement and sparked a significant interest in cryptocurrencies.
Ethereum (ETH) has experienced a notable price increase this week due to the ETF approvals. At the time of writing, Ethereum is trading at $3,768, representing a 21.2% increase in its price over the past seven days. Its market capitalization currently stands at $454 billion.
The surge in Ethereum’s price is primarily linked to the ETF approvals. The SEC is currently reviewing the 19b-4 applications filed by the CBOE exchange, which request the listing of Ethereum spot ETFs from VanEck and Ark Investments in partnership with 21 Shares. The SEC staff has indicated their openness to partially approving these products, leading to speculation and excitement in the market.
Pepe (PEPE) is another cryptocurrency that has experienced significant gains this week following the ETF approvals. Pepe is currently trading at $0.00001499, representing a 59.9% increase in its price over the past seven days. Its market capitalization currently stands at $6.3 billion.
The surge in Pepe’s price can be attributed to the overall excitement surrounding the ETF approvals, which has led to a pump in altcoins and meme coins. Pepe, along with Grok, has made substantial gains during this period, placing it among the top gainers of the week.
Uniswap (UNI) has also seen notable gains this week, with its price increasing by 43.8% over the past seven days. At the time of writing, Uniswap is trading at $11.39, with a market capitalization of $6.8 billion.
The surge in Uniswap’s price can be attributed to a recent partnership announced by Uniswap Labs. On May 20th, Uniswap Labs unveiled a new token standard called ERC-7683, which aims to solve fragmentation through a universal filler network. This announcement has likely generated more enthusiasm within the Uniswap community.
Lido DAO (LDO) has also experienced gains this week, with its price increasing by 41.2% over the past seven days. Lido DAO is currently trading at $2.45, with a market capitalization of $2.19 billion.
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 permissionless LRT creation based on unique risk profiles and curation models. This proposal has generated renowned interest and contributed to the surge in Lido DAO’s price.
Pendle (PENDLE) has also seen a significant price increase this week, with its price surging by 39.5% over the past seven days. Pendle is currently trading at $6.82, with a market capitalization of $1.04 billion.
The surge in Pendle’s price can be attributed to the rswETH (Swell L2) yield on Pendle Finance, which has reached 60%. Additionally, the airdrops of the Swell L2 Pre-Launch have further increased enthusiasm surrounding the token.
Overall, this week has been dominated by meme coins, which have experienced substantial gains following the ETF approvals. Ethereum, Pepe, Uniswap, Lido DAO, and Pendle are among the top gainers, with their prices surging and generating excitement within the cryptocurrency market.
