Ethereum-based memecoins have surged as regulators may be changing their tune regarding the approval of spot ether ETFs.

Several prominent memecoins on the Ethereum blockchain rallied between 5% and 30% on Tuesday, shortly after the U.S. Securities Exchange Commission reportedly requested at least three securities exchanges revise their applications to list spot ether ETFs.

Pepe has risen 16% in the past 24 hours, The Block's price page shows, while LADYS surged about 28% and DOGE ticked up about 6%. ETH is up about 4.6% to $3,746.93 in the same period.

It remains unclear if regulators will approve spot ether ETFs. The first deadline for a proposed spot ether ETF is May 23, with VanEck's proposal up first. Nevertheless, the market has responded to issuers’ and security exchanges' …