The recent approval of Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) has fueled an explosive rally in the popular meme coin Pepe ($PEPE). However, the momentum appears to be rapidly fading, as Pepe holders are now turning their attention to a hot new Solana-based ICO, chasing the promise of 1000% gains.

Pepe's price has seen a 46% surge over the last seven days, partly driven by the Ethereum ETF news. But the meme coin's trading chart reflects a reversal, with an intraday loss of 4% taking the price down to $0.00001605 as of writing.

While Pepe enjoyed a period of relative stability from late March to early May, the coin's recent rally and subsequent pullback suggest that the short-to-mid-term outlook for Pepe is not as promising. The falling relative strength index indicates that a sell-off began on Sunday, which has now stabilized.

As Pepe holders seek greener pastures, a new generation of meme coins on the Solana blockchain is quickly gaining attention. Names like DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME), and Popcat ($POPCAT) have all risen to become top ten meme coins within a year of their launch.

The latest Solana meme coin to capture the spotlight is Sealana ($SEAL), an original meme creation inspired by the iconic "Gamer Guy" character from South Park. The all-American hillbilly seal has already raised over $3.2 million in its ongoing presale, showcasing the growing demand for Solana-based meme projects.

Unlike Pepe, which is built on the Ethereum blockchain, Sealana is positioned to potentially benefit from the Ethereum ETF developments. Solana's proponents often boast that their network is the number one "Ethereum-killer," and the likelihood of a Solana ETF passing U.S. approval is now heightened.

If a Solana meme coin gold rush begins, Sealana could be poised to capitalize on the trend, offering Pepe holders and other investors the opportunity to chase the promise of 1000% gains. As the meme coin landscape continues to evolve, Sealana's unique take on the "Gamer Guy" archetype and its Solana-based foundation may prove to be a winning combination.