- Pepe (PEPE), an Ethereum-based meme coin, skyrocketed 27% in 24 hours, reaching a new all-time high.
- The surge is attributed to speculation surrounding the potential approval of spot Ether ETFs in the US.
The meme coin space is abuzz with excitement as Pepe coin (PEPE) experiences a phenomenal price increase. Over the past 24 hours, PEPE surged a staggering 27%, reaching an unprecedented high. This dramatic rise coincides with renewed optimism regarding the approval of spot Ether exchange-traded funds (ETFs) in the United States.
Market analysts believe the potential for US-based Ether ETFs is a significant driver behind Pepe’s price surge. Crypto trader Matthew Hyland expressed his belief that PEPE is “probably the best memecoin play for the ETH ETF.” This sentiment aligns with the observation of another prominent crypto figure, “Kaleo,” who jokingly remarked on how PEPE has become an obvious “hindsight trade” due to its close association with Ethereum’s recent price movement.
Ethereum (ETH) itself has witnessed a substantial increase of 23.28% over the past two days, reaching a price of $3,785. This upward trend fuels speculation that the US Securities and Exchange Commission (SEC) might be considering approving spot Ether ETFs by May 23rd. This unexpected development has sent shockwaves through the crypto industry.
While Pepe Coin (PEPE) currently sits at $0.00001387, representing a 23.48% gain in the last 24 hours, analysts predict further growth. Pseudonymous crypto trader “Plazma” anticipates PEPE’s upward trajectory to continue, albeit with intermittent periods of volatility. They project a potential price increase of 2–3 times within the next few weeks.
Furthermore, data from CoinGlass reveals a 40% increase in PEPE’s open interest (OI) over the past 24 hours, reaching $172.96 million. A rising OI typically indicates increased trader confidence in a cryptocurrency’s future value. This data also suggests a significant number of traders holding long positions on PEPE. Notably, the recent price spike resulted in the liquidation of $6 million in short positions on PEPE.
Pepe’s impressive price performance overshadows other meme coins in the top 10 by market capitalization over the past day. However, it’s important to acknowledge the significant gains made by other prominent members over the past week. Bonk (BONK) saw a 40.80% rise, Floki (FLOKI) climbed 21.94%, and Book of Memes (BOME) experienced a 25.04% increase.