PEPE is on fire. The popular Ethereum-based meme coin reached an all-time high of $0.00001422 on May 22nd as it surged by more than 26% over the last 24 hours.

The possibility of a spot Ether ETF has fueled enthusiasm and price rallies, particularly in meme coins, including PEPE, as investors eagerly anticipate the potential impact on the market.

PEPE Leads Meme Coin Resurgence

The rally seemed to be fueled by favorable regulatory developments that increased the likelihood of a spot Ether ETF being approved, which would provide easier access to Ethereum investment for institutional investors.

The meme coin sector as a whole has grown to a significant market capitalization of nearly $61 billion, with a daily trading volume of over $13 billion.

PEPE, for one, has been one of the top-performing meme coins during this latest market upswing, establishing a new all-time high price after surging by nearly 120% in the past month. Experts believe that PEPE will continue to see significant growth even doubling or tripling in value over the next few weeks.

Other meme coins, such as Milady Meme Coin (LADYS), also experienced significant gains of around 20% in the last 24 hours. Meanwhile, BONK and FLOKI were up by 5.28% and 11.50% during the same period.

OG meme coin Dogecoin (DOGE) and Shiba Inu (SHIB) noted modest gains of 2.60% and 2.28% over the past day.

State of Spot Ethereum ETF

Investors are closely monitoring the Ethereum ecosystem and the broader cryptocurrency market due to recent regulatory developments that have sparked speculation about the potential approval of a spot Ether ETF by the SEC.

The agencys request for exchanges to update their 19b-4 filings, which propose rule changes, suggests progress toward approving a spot Ether ETF, driving a surge in prices as such a product could bring increased institutional investment and mainstream adoption.

Despite this progress, the SEC could still reject the S-1 registration statement, delaying the ETFs approval and trading commencement.