The potential approval of an Ethereum ETF has sparked significant gains in Ethereum ecosystem coins, with the likelihood of approval rising from 25% to 75% following Fidelity’s updated filings and update requests from Nasdaq and CBOE.
Top Performers in the Ethereum Ecosystem
PEPE Coin Hits New All-Time High
Leading the surge, PEPE Coin reached a new all-time high of $0.00001271, marking a 30% increase on Tuesday. Its trading volume skyrocketed by 411%, and its market capitalization now stands slightly above $5 billion, placing it among the top 25 cryptocurrencies. Investor Jameson highlighted on X that PEPE is seeking a price surge similar to the 2021 DOGE pump.
Lido DAO (LDO) Sees Significant Gains
Lido DAO (LDO) emerged as the second top gainer, with a trading volume increase of 483.24% and a 24-hour volume exceeding $505 million. The price of LIDO has risen by roughly 40%, reaching $2.37. Lido DAO remains the top staking option for the Ethereum ecosystem, allowing investors to stake ETH and receive stETH in return.
BONK Surges in the Meme Coin Sector
BONK, a Solana (SOL) meme coin, surged by 24.56% in the last 24 hours, trading at $0.000034174. This gain reflects a broader uptrend in the meme coin sector, with its market capitalization rising by 24.57% to $2.03 billion. BONK’s trading volume soared by 289.62% to $1.35 billion, emphasizing its growing market activity.
Arbitrum (ARB) Rises in Value
Arbitrum (ARB) saw a 23% price increase to $1.21 in the past 24 hours. It now ranks 37th in market capitalization, also up 23% to just below $3.2 billion. Black Sheep Crypto Trading, a prominent cryptocurrency analyst on X, recently analyzed ARB’s chart and suggested $0.99 as an optimal entry point for a long position, with subsequent targets at $1.27 and $1.42. The analyst also noted that intraday traders might consider entering long positions at $1.04, especially if Bitcoin (BTC) experiences a leverage flush.
Uniswap (UNI) Sees a Price Jump
Uniswap (UNI) experienced a price jump of over 21% on Tuesday, pushing its value to $9.34 with a market cap of $5.6 billion. Additionally, trading volume increased by 182.08%, totaling $418.5 million. Uniswap remains the top decentralized exchange on the Ethereum network, facilitating the trade of meme coins and other cryptocurrencies. Despite receiving a Wells notice from the U.S. SEC in April warning of impending enforcement action, traders and investors continue to support Uniswap.
The anticipation of an Ethereum ETF approval has significantly boosted investor confidence and trading activity in related ecosystem coins, reflecting a broader bullish sentiment in the crypto market.
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