PEPE and MOG Tokens Reach Record Highs as Traders Treat Them as Beta Bets Following U.S. Ether ETF Filings Approvals
PEPE and MOG, two tokens in the Ethereum ecosystem, reached new highs following the approval of U.S. ether ETF filings. Traders treated them as beta bets, leading to an increase in open interest in futures for the tokens. However, the long-to-short ratio for PEPE suggests that traders are betting against further price rises. The gains came as ether rose nearly 5%, while bitcoin shed 1%. PEPE even made it into the 20 largest tokens by market capitalization, netting some early investors millions of dollars on an initial purchase of just $460.
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