PEPE is experiencing significant growth, reaching an all-time high of $0.00001422 on May 22nd after a 26% surge in the last 24 hours. This increase is largely driven by speculation about the approval of a spot Ether ETF, which has boosted enthusiasm and price increases in the meme coin market, including PEPE.

PEPE is at the forefront of a resurgence in meme coins, influenced by favorable regulatory developments that suggest a higher likelihood of a spot Ether ETF approval, making Ethereum investments more accessible to institutional investors.

The meme coin market has grown to a notable market capitalization of nearly $61 billion, with a daily trading volume exceeding $13 billion. PEPE has been one of the standout performers, achieving a new all-time high after a 120% increase in the past month. Experts predict PEPE could see further substantial growth, potentially doubling or tripling in value in the coming weeks.

Other meme coins have also seen significant gains, with Milady Meme Coin (LADYS) rising about 20% in the last 24 hours, and BONK and FLOKI increasing by 5.28% and 11.50%, respectively. Dogecoin (DOGE) and Shiba Inu (SHIB) recorded more modest gains of 2.60% and 2.28%.

Investors are closely watching the Ethereum ecosystem and the broader crypto market due to regulatory developments hinting at a possible spot Ether ETF approval by the SEC. The SEC’s request for exchanges to update their 19b-4 filings indicates progress toward this approval, which could lead to more institutional investment and wider adoption. However, the SEC might still reject the S-1 registration statement, delaying the ETF's approval and trading start.