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PEPE and MOG meme coins reach record highs for this reason

Two meme coins built on the Ethereum network saw... PEPE and MOG, reached record levels on Monday, thanks to last week's approval of applications to launch Ethereum spot ETFs in the United States. This has led some traders to consider these meme currencies as a good means of speculation.

PEPE coin, inspired by a frog, jumped 11%, while increasing MOG piece, inspired by cats, increased by 45% in the last 24 hours. Analysts believe that there is a significant increase in beta betting on currencies featured on the Ethereum network.

term "Beta betting relative volatility betting“In the context of the cryptocurrency market, it is a bet or investment based on the performance of the price of a particular coin relative to the performance of the general market or a particular index.

When talking about beta in financial markets, it refers to a measure of the volatility of a financial asset relative to the market as a whole.

In other words, beta expresses the close correlation between asset prices and market developments. If an asset has a beta greater than 1, it means the asset is more volatile than the market, and if it is less than 1, it is less volatile.

Meme coins as a way to profit from the rise of Ethereum

In the case of Ethereum, a beta bet means betting on how Ethereum performs relative to how the overall cryptocurrency market performs.

These gains came as the price of Ethereum rose nearly 5% over the same period, outpacing performance among major currencies. While the price of Bitcoin fell by 1%.

PEPE to ETH Price Chart
PEPE to ETH Price Chart

Investors betting expect Ethereum to outperform the market. But they focus on memory coins built on the Ethereum network and not just Ethereum.

Trading volumes achieved PEPE part In the spot and futures markets, there is more than $1.8 billion, compared to a typical range of $400 million to $600 million.

Appear Data Futures open interest in PEPE and MOG coins has increased over the last 24 hours. PEPE open interest increased to $720 million, up from $550 million last week. As the number of currencies increased KITTY from $5 million to $8.3 million.

High open interest is a sign of new capital entering the market, which can herald greater price volatility.

However, PEPE's buy/sell ratio is skewed towards sellers at 54%, according to Coinalyze data. Which indicates that traders are betting against further price increases.

Traders consider PEPE MOG is a way to mine Ethereum. The rally in both currencies began when analysts increased the chances of approval of Ethereum exchange-traded funds in the United States.

PEPE even entered the top 20 coins by market capitalization with over $6 billion. Which brought millions of dollars to some of the early investors.

New trend

In 2023, meme coins have become potentially valuable digital assets, even though they were previously considered to have no intrinsic value. These currencies have gained wide popularity as an alternative investment tool to the currencies of blockchain systems and networks built on them.

For example, meme coins built on the Solana network saw a significant increase in value during the December to March period, coinciding with the rise in SOL currency price digital. This increase contributed to the growth of the Solana network ecosystem and brought more attention to it.

In December of the same year, the Avalanche Foundation, a non-profit foundation that supports the Avalanche blockchain, announced its investment in meme coins built on the Avalanche network. This investment speaks to the importance of digital literacy and the value that meme currencies can bring to investors.

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