The Ethereum ecosystem has been buzzing this weekend as two meme coins, PEPE and MOG, have surged to record highs. This surge in value comes on the heels of the approval of ether (ETH) exchange-traded fund (ETF) filings in the United States, which has sparked renewed optimism for the second-largest cryptocurrency.
TLDR
- PEPE and MOG reached new all-time highs, driven by optimism surrounding the approval of ether ETF filings in the U.S.
- Traders are treating these meme coins as beta bets, a way to gain exposure to Ethereum through related tokens.
- Trading volumes and open interest for PEPE and MOG futures have increased significantly, indicating new money entering the market.
- Despite the surge, the long-to-short ratio for PEPE suggests that many traders are betting against further price rises.
- Mog Coin, launched in July 2023, has gained traction as the “internet’s first culture coin” and has seen a 75% increase in the past week.
Traders are increasingly viewing these meme coins as beta bets, a way to gain exposure to Ethereum by investing in related tokens. PEPE, a frog-themed token, jumped 11% in the past 24 hours, while MOG, a cat-themed token, skyrocketed by 45% over the same period.
The trading volumes for PEPE across spot and futures markets hit an impressive $1.8 billion, significantly higher than the usual range of $400-600 million.
The surge in these meme coins comes as Ethereum itself has risen nearly 5%, outpacing the gains of other major cryptocurrencies. Bitcoin (BTC), in contrast, shed 1% during the same time frame.
Futures data for PEPE and MOG reveals that open interest in these instruments has increased substantially. PEPE’s open interest rose from $550 million last week to $720 million, while MOG’s open interest climbed from $5 million to $8.3 million. This rise in open interest is generally considered a sign of new money entering the market, which could lead to further price volatility.
However, not all traders are convinced that the rally in these meme coins will continue. The long-to-short ratio for PEPE is currently skewed in favor of bears at 54%, indicating that many traders are betting against further price increases.
Mog Coin, launched in July 2023, Known as the “internet’s first culture coin,” Mog Coin started as a fun meme among friends but quickly gained traction.
The token’s name, “Mog,” is derived from “AMOG,” signifying an alpha male group, while its brand symbol, the joycat, represents community adaptiveness and a carefree attitude.
Over the past week, Mog Coin has risen 75% and currently trades at $0.0000009066 with a market capitalization of $355 million. The token has a maximum supply of 420 trillion, with 93% already in circulation.
