PEPE Surges 28% Hits New High as ETH Rises on ETF Approval
Release: 2024/05/22 14:59 Reading: 503
Pepe Memecoin Soars 28% Amidst Speculation of ETH ETF Approval
Pepe (PEPE), a digital asset memecoin, surged by 28% to reach an all-time high within a 24-hour period. This surge was driven by speculation regarding the potential approval of spot Ether ETFs in the United States.
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PEPE Price Chart | Source: CoinMarketCap
Analyst Insights
Crypto trader Matthew Hyland identified PEPE as a prime investment opportunity for the ETH ETF, reflecting the market's optimistic sentiment. Meanwhile, "Kaleo" humorously suggested a connection between ETH's movement and PEPE's success, referring to it as an "obvious trade."
Ether's Impact
Ether itself experienced a 21.15% increase over two days, reaching $3,801. This surge was fueled by expectations of SEC approval for Ether ETFs before the May 23 deadline, surprising both analysts and the crypto community.
PEPE's Market Performance
According to CoinMarketCap, PEPE's current price stands at $0.00001348, representing a 21.72% daily increase. Pseudonymous trader "Plazma" anticipates a continued upward trend for PEPE, predicting a 2x-3x increase in the coming weeks despite potential volatility.
Trader Confidence
PEPE's Open Interest (OI) witnessed a 40% surge to $172.96 million, indicating increased trader confidence in future positions. However, a 6% drop in PEPE's price could trigger the liquidation of $12.21 million in long positions.
Memecoin Market Sentiment
While PEPE led the top 10 memecoins in price growth, other memecoins such as BONK (BONK), Floki (FLOKI), and Book of Memes (BOME) also experienced significant price increases over the past week, reflecting a positive sentiment across the memecoin market.
Related Reading: Floki Inu, Pepe, and Ethereum Lead Crypto Market Rally with Impressive Gains
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