Ethereum-based meme coins surge up to 161% fueled by ETF speculation

The possibility of a spot Ethereum ETF approval this week sparked price leaps among Ethereum Virtual Machine-based meme coins, according to data aggregator DefiLlama. HarryPotterObamaSonic10Inu (BITCOIN) and Mog Coin (MOG) leapt 46.8% and 51.7%, respectively.

Wojak and Hemule saw even more significant upside, rising 66.3% and 89% in the same period. Other Ethereum-based meme coins with double-digit gains are Milady Meme Coin (LADYS), Welsh Corgi Coin (WELSH), and lmeow (LMEOW), with 40.8%, 23.5%, and 56.5% respective growth.

Pepecoin (PEPE), which is now the third largest meme coin by market cap, has leapt 32% in the last 24 hours.

Notably, meme coins from the Base ecosystem registered up to triple-digit gains, such as Base Pro Shops (BPS) and its 161% daily jump. United Base Postal (UBPS) is also among the soaring Base meme coins, climbing 102% in the same period.

Dog Ski Mask (SKI), on top of its 111% gain, also surpassed $1.6 million in trading volume since May 20. Normie (NORMIE), one of Base’s “gems,” saw even more investor interest with its over $9 million trading volume, which prompted a 73.6% rise.

Briun Armstrung (BRIUN), which is the misspelled name of Coinbase’s founder Brian Armstrong, also made significant moves with 55.2% upside.

The recent price rises witnessed by meme coins made the total market cap of this crypto sector surpass $62 billion, outpacing crypto categories such as liquid staking tokens, DePIN, and decentralized exchange tokens, as well as investment portfolios from funds such as DragonFly Capital, Coinbase Ventures, and Binance Labs.

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