briefly climbed above the $69,000 threshold before quickly pulling back as traders started looking elsewhere for higher returns in fringe tokens known as memecoins.and MOG, soared to record highs on Monday, continuing the impressive rallies from last week. These gains also coincided with a nearly 5% rise in ether. The surge followed the U.S. approval of key ether exchange-traded fund filings, prompting traders to consider meme tokens as beta bets.
Moreover, the number of addresses holding meme coins for less than thirty days reached a record high last month, which indicates a massive influx of new traders entering the market. In the past 24 hours, frog-themed PEPE and cat-themed MOG gained 11% and 45%, respectively, as the beta bet narrative gained traction. A beta bet allows investors to gain exposure to a main asset by investing in related networks or protocols. Trading volumes for PEPE across spot and futures markets reached over $1.8 billion, well above the usual $400 million to $600 million range.
Despite the bullish sentiment, the long-to-short ratio for PEPE is tilted towards bears at 54%, indicating that traders are largely betting against further price increases.
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