The anticipation surrounding the potential approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the US has triggered a remarkable surge in Ethereum-based meme coins.

Over the past 24 hours, several tokens within the Ethereum ecosystem have experienced significant gains, fueled by heightened investor interest and optimism.

Pepe and Mogcoin Skyrocket

Ethereum meme coins, often viewed as high-risk, high-reward assets, have become a popular way to bet on the network’s growth. They are considered a leveraged bet during Ethereum rallies.

This phenomenon was observed recently when two Bloomberg analysts increased the likelihood of ETH ETF approval. Consequently, the Ethereum ecosystem tokens surged.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Pepe (PEPE), one of the most notable Ethereum meme coins, is trading near its all-time high, soaring over 17% in just 24 hours. PEPE is known for its volatility and potential for outsized gains, making it a favorite among speculative investors.

Another standout performer is Mogcoin (MOG), which has skyrocketed by nearly 45% over the same period. Amid these developments, the story of mogillionaire.eth, an Ethereum Naming Service (ENS) address, has captivated the crypto community.

In July 2023, mogillionaire.eth invested 8.8 ETH, equivalent to $16,000 at the time, to acquire 3.37 trillion MOG tokens.

“Fortunately, 7 months later, his dream came true, and he became a millionaire on Feb 27, 2024. The 3.37 trillion MOG was worth more than $4 million at the peak and is currently worth $2.83 million,” on-chain analysis platform Lookonchain said.

While PEPE and MOG have grabbed headlines with their impressive gains, other Ethereum-based tokens have also performed well. Shiba Inu (SHIB) and Floki (FLOKI), though not matching the explosive growth of PEPE and MOG, have still posted increases of nearly 7% and 10%, respectively.

Read more: Pepe: A Comprehensive Guide to What It Is and How It Works

The surge extends beyond meme coins. Arbitrum (ARB), another Ethereum-based token, has climbed by 25%.

Additionally, Lido DAO (LDO) has seen a remarkable 33% increase. These gains reflect a broader bullish sentiment within the Ethereum ecosystem, driven by the potential ETF approval and the network’s ongoing development.