PEPE, the popular Ethereum-based meme coin, is making waves in the cryptocurrency market, charting a new all-time high just a week after its previous peak. The coin soared by over 26% in the past 24 hours, reaching a record price of $0.00001422 on May 22nd, igniting excitement among investors and enthusiasts.

The recent surge in PEPE's price is attributed to favorable regulatory developments, particularly the growing anticipation surrounding the potential approval of a spot Ether ETF. This regulatory optimism has spurred enthusiasm and price rallies, especially within the meme coin sector, including PEPE.

The meme coin sector has witnessed remarkable growth, boasting a total market capitalization of nearly $61 billion and a daily trading volume exceeding $13 billion. Among meme coins, PEPE has emerged as a top performer, experiencing a surge of nearly 120% in the past month alone. Experts anticipate continued growth for PEPE, with potential doubling or tripling in value over the coming weeks.

PEPE is not the only meme coin experiencing significant gains. Other meme coins, such as Milady Meme Coin (LADYS), have also recorded substantial increases of around 20% in the last 24 hours. Additionally, coins like BONK and FLOKI have seen gains of 5.28% and 11.50%, respectively. Even established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have noted modest gains, underscoring the overall bullish sentiment in the meme coin market.

Investors are closely monitoring developments in the Ethereum ecosystem, particularly in anticipation of the potential approval of a spot Ether ETF by the SEC. Recent regulatory signals, including requests for exchanges to update their 19b-4 filings, suggest progress towards approving such an ETF. If approved, a spot Ether ETF could pave the way for increased institutional investment and broader adoption of Ethereum.

However, uncertainties remain, as the SEC could still reject the S-1 registration statement, potentially delaying the ETF's approval and subsequent trading commencement.

As meme coins continue to gain traction and regulatory developments unfold, the cryptocurrency market remains dynamic and full of potential opportunities for investors.