Ethereum-based memecoin rallies as market reacts to approval of potential spot ether ETF.

Ethereum ETH

+4.14%
The underlying memecoin has soared due to restrictions from regulators. Changes arrangements regarding acceptance of spot ether ETFs.

Several popular memecoins on the Ethereum blockchain rebounded between 5% and 30% on Tuesday, shortly after the U.S. Securities and Exchange Commission (SEC) asked at least three stock exchanges to amend their applications to list spot ether ETFs.

pepe pepe

+24.50%
Up 16% in the last 24 hours, Here’s The Block’s pricing page: while Lady

+26.50%
It soared by about 28%, viceroy

+3.56%
It rose about 6%. During the same period, ETH rose approximately 4.6% to $3,746.93.

It is unclear whether regulators will approve a spot ether ETF. The first deadline for the proposed spot ether ETF is May 23, with VanEck’s offering closing first. Nonetheless, markets have reacted to recent moves by issuers and stock exchanges to brace for a potential rubber stamp for cryptocurrency-based investment vehicles.

Fidelity Investments amended its S-1 filing with regulators Tuesday morning. In an updated statement, the would-be issuer removed language about ether-related staking from the application. Grayscale Investments also withdrew its staking offer for a proposed spot ether ETF.

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