Two tokens, Pepe (PEPE) and Mog (MOG), from the Ethereum ecosystem, reached record highs on Monday. This surge was fueled by the recent approval of ether exchange-traded funds (ETFs) in the US. Traders are seeing these meme tokens as a way to benefit from the growth of the Ethereum network.

PEPE and MOG jumped 11% and 45% in just 24 hours, with trading volumes reaching over $1.8 billion. This is much higher than the usual range of $400 million to $600 million. Ether also rose, gaining 5% in the same period, while bitcoin fell by 1%.

The gains in PEPE and MOG show that traders are excited about the possibility of ether ETFs being approved in the US. This has led to an increase in open interest, which means new money is entering the market. However, some traders are also betting against further price rises, showing a mix of optimism and caution.

PEPE has even entered the top 20 tokens by market capitalization, with some early investors making millions from an initial investment of just $460. Meme tokens, which are often considered to have no inherent value, have gained popularity as a way to benefit from the growth of their underlying ecosystems.

In recent months, meme tokens on other networks like Solana and Avalanche have also seen significant growth, showing the power of online culture and community in driving investment decisions.