Two Ethereum ecosystem tokens, PEPE and MOG, climbed to new highs on the back of U.S. ether ETF filings approvals, with traders treating them as beta bets.
Open interest in futures for the tokens increased, suggesting new money entering the market, though the long-to-short ratio for PEPE indicates traders are betting against further price rises.
Two Ethereum ecosystem tokens surged to record highs on Monday, fueled by last week’s approval of key ether (PEPE) and cat-themed mog (MOG) jumped 11% and 45%, respectively, in the past 24 hours as a beta bet narrative showed no signs of slowing. A beta bet is a way of gaining exposure to a main asset by investing in related networks or protocols. Trading volumes for PEPE across spot and futures hit over $1.8 billion, compared with a more usual range of $400 million-$600 million.
The gains came as ether rose nearly 5% over the same period, leading the advance among major tokens as bitcoin <a href="https://coindesk.com/price/bitcoin/" data-position="autolink" title="Bitcoin Price
