PEPE Surpasses All-time High Amid Ethereum Surge
22 May, 2024 ● Coin news
Over the past 24 hours, the Ethereum-based memecoin Pepe achieved a 27% increase, reaching a new all-time high.
This surge was fueled by the buzz surrounding the potential approval of spot Ether exchange-traded funds (ETFs) in the United States.
Crypto trader Matthew Hyland emphasized on X on May 21, “PEPE is probably the best memecoin play for the ETH ETF.”
Another trader, known pseudonymously as "Kaleo," noted the ironic clarity of PEPE’s investment potential in hindsight, given Ether's significant market movements.
Ether itself has seen a substantial uptick, rising 23.28% in two days to $3,785, amid hopes that the U.S. Securities and Exchange Commission (SEC) will approve spot Ether ETFs by May 23, a development that has caught many analysts and industry observers off guard.
According to CoinMarketCap, Pepe (PEPE) is currently priced at $0.00001387, marking a 23.48% increase in the last 24 hours.
Crypto trader “Plazma” predicted that PEPE’s upward trend is likely to persist, albeit with some expected short-term volatility.
They expressed in a May 21 X post, “PEPE price discovery should continue for the next few weeks with some normal breaks for a few days and the usual pullbacks. We will be at 2x-3x in just a few weeks.”
Furthermore, PEPE’s open interest (OI), which measures the total value of outstanding PEPE futures contracts across exchanges, climbed 40% to $172.96 million in one day, per CoinGlass data.
This increase in OI typically signals a growing confidence among traders about entering future positions on the cryptocurrency, particularly in long positions.
A 6% drop in PEPE’s price could result in the liquidation of $10 million in these long positions.
PEPE led the price growth among the top 10 memecoins by market capitalization in the last day.
Other notable memecoins also experienced significant gains over the past week, with Bonk (BONK) up 40.80%, Floki (FLOKI) up 21.94%, and Book of Memes (BOME) up 25.04%.
Sources:
https://cointelegraph.com/news/pepe-all-time-high-ethereum-etf-speculation
https://x.com/MatthewHyland_/status/1792702521615794218
https://x.com/CryptoKaleo/status/1793049944305086688
https://x.com/Plazma0x/status/1792957628190245266
https://www.coinglass.com/pro/dashboard/bitcoin
