Over the last 24 hours, the Ethereum-based memecoin Pepe (PEPE) surged by 27%, reaching a new all-time high. This surge is attributed to speculation surrounding the potential approval of spot Ether (ETH) exchange-traded funds (ETFs) in the United States.
Crypto trader Matthew Hyland highlighted PEPE as a promising memecoin play for the ETH ETF, while pseudonymous trader “Kaleo” humorously noted how the movement of ETH has made PEPE one of the most obvious trades in hindsight.
The price of Ether has increased by 23.28% over the past two days, reaching $3,785, fueled by renewed optimism regarding the potential approval of Ether ETFs by the Securities and Exchange Commission (SEC) before a May 23 deadline, which came as a surprise to analysts and the crypto industry.
At present, PEPE is trading at $0.00001387, marking a 23.48% increase over the past 24 hours, according to CoinMarketCap data. Pseudonymous trader “Plazma” anticipates that PEPE’s upward trajectory will persist, albeit with intermittent periods of volatility. They foresee PEPE’s price discovery continuing over the next few weeks, expecting it to reach 2x-3x its current value within that timeframe.
Additionally, PEPE’s Open Interest (OI), which measures the total value of all outstanding PEPE futures contracts across crypto exchanges, surged by 40% to $172.96 million over the past 24 hours, indicating increased confidence among traders in taking future positions, particularly in long positions.
PEPE outpaced other top memecoins in terms of price growth over the past 24 hours, although other leading memecoins such as BONK, Floki (FLOKI), and Book of Memes (BOME) also experienced significant price increases over the past week.
BONK saw a 40.80% increase, Floki rose by 21.94%, and BOME surged by 25.04% during this period.
May 2024, Cryptoniteuae
