Data: Ethereum ecosystem tokens PEPE and MOG hit new highs, traders view them as beta bets

Two ethereum ecosystem tokens, PEPE and MOG, hit new highs on the back of the approval of a U.S. Ethereum ETF application, with traders treating them as beta bets, CoinDesk reported. Futures open interest increased for both tokens, suggesting new money entering the market, although PEPE’s long-short ratio shows traders are betting on further price gains. PEPE and MOG surged to new all-time highs on Monday after the U.S. approved a key Ethereum (ETH) exchange-traded fund (ETF) application last week, prompting some traders to consider the meme coin as a beta bet. Frog-themed pepe (PEPE) and cat-themed mog (MOG) are up 11% and 45% respectively in the past 24 hours, as the beta betting narrative shows no sign of slowing down.

PEPE's trading volume in spot and futures exceeds $1.8 billion, compared with the typical range of $400-600 million. Meanwhile, Ethereum has gained nearly 5% in the same period, leading among the major coins, while Bitcoin (BTC) has fallen 1%. MOG has gained 45% in the past 24 hours. Futures data showed a surge in open interest in tools tracking pepe and mog over the past 24 hours. PEPE's open interest increased to $720 million from $550 million last week, while MOG's figure increased from $5 million to $8.3 million. An increase in open interest is seen as a sign of new money entering the market, which could signal further price volatility. However, data from Coinalyze shows that PEPE’s long-to-short ratio is skewed toward the short side at 54%, indicating that traders are going short, or betting on further price increases.