Over the past week, many memecoins based on Ethereum (ETH) have experienced significant price increases. This surge comes amid growing speculation about the approval of a spot Ethereum exchange-traded fund (ETF) in the United States. Analysts at Bloomberg have raised the likelihood of this approval from 25% to 75%, fueling investor optimism. As a result, ETH itself has reached its highest price in recent years, marking two consecutive days of positive growth. This positive sentiment towards ETH has also driven up prices for Ethereum-based memecoins, particularly those known for their meme-themed appeal.

PEPE and FLOKI Lead the Way

Among these memecoins, PEPE has notably outperformed the market. PEPE, a memecoin featuring a frog theme, surged by 25.86% in the past 24 hours, reaching an all-time high of $0.00001422 with a trading volume of $3.9 billion. This spike has pushed PEPE's market value to $5.6 billion. Over the last 7 days, PEPE rose by 25.5% and over the last month, it surged by 126%, indicating a strong surge in market interest and trading volume.

FLOKI Also Shows Strong Growth

Similarly, FLOKI, another memecoin, has shown significant upward momentum. Currently trading at $0.000227, FLOKI has been following an ascending channel pattern since mid-April, with a year-to-date gain of 547%. Technical indicators like the Relative Strength Index (RSI) and Simple Moving Average (SMA) suggest increased buying interest. If this momentum continues, FLOKI could test $0.00030; however, a downturn could see it drop to $0.000199.

Shiba Inu (SHIB) Continues its Rise

Another prominent player, Shiba Inu (SHIB), has also maintained a strong market position. Trading at $0.0000255, SHIB has shown gains alongside PEPE and FLOKI. Last week alone, SHIB gained 11%, contributing to an impressive year-to-date increase of 1,546%. The overall bullish sentiment driven by speculation around the Ethereum ETF has also positively influenced SHIB's performance.

In conclusion, the recent surge in Ethereum-based memecoins reflects heightened investor optimism following speculations about the approval of a spot Ethereum ETF in the US. Coins like PEPE, FLOKI, and SHIB have seen substantial price increases, driven by increased trading volume and market interest. Investors and analysts alike are closely watching these developments to gauge the future direction of these volatile yet popular cryptocurrencies.