Pepe (PEPE), an Ethereum-based memecoin, has surged 27% to a new all-time high over the past 24 hours, driven by speculation surrounding the potential approval of spot Ether exchange-traded funds (ETF) in the United States. The price jump is tied to renewed hope that the U.S. Securities and Exchange Commission (SEC) might approve these ETFs by a May 23 deadline, an unexpected turn of events that has sparked excitement among analysts and the crypto industry.
“PEPE is probably the best memecoin play for the ETH ETF,” claimed crypto trader Matthew Hyland in a May 21 post on social media platform X. Another trader, pseudonymously known as "Kaleo," echoed this sentiment, remarking on the noticeable movement of Ethereum (ETH) and the hindsight obviousness of PEPE's rise.
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Over the past two days, Ethereum itself has seen a significant increase, rising 23.28% to $3,785. This price jump is closely linked to the anticipation of SEC's approval of spot Ether ETFs, an outcome that could bolster Ethereum's market performance further.
Currently, PEPE is trading at $0.00001387, marking a 23.48% increase in the past 24 hours according to CoinMarketCap data. Another pseudonymous trader, "Plazma," expressed optimism about PEPE's ongoing upward trend, while cautioning about possible volatility. "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," they wrote in a recent post.
The rise in PEPE's price has been accompanied by a significant increase in its open interest (OI) — the total value of all outstanding PEPE futures contracts across crypto exchanges. Over the past 24 hours, PEPE's OI rose 40% to $172.96 million, according to CoinGlass data. This increase indicates growing confidence among traders entering future positions on PEPE, with a notable number of these positions being long.
CoinGlass data also revealed that PEPE's price spike led to the liquidation of $6 million in short positions over the past 24 hours. However, if PEPE’s price were to drop by 6%, it could lead to the liquidation of $10 million in long positions, highlighting the high stakes and volatility in the market.
Among the top 10 meme-coins by market capitalization, PEPE led in price growth over the past 24 hours. Other top meme coins have also seen significant price increases over the past week. For instance, Bonk (BONK) is up 40.80%, Floki (FLOKI) is up 21.94%, and Book of Memes (BOME) has risen by 25.04%.
The recent performance of PEPE and other meme-coins reflects the broader trends in the crypto market, where speculative investments and regulatory developments continue to drive substantial price movements.
The surge in PEPE's price amid the anticipation of SEC's approval of spot Ether ETFs underscores the dynamic nature of the cryptocurrency market. As investors and traders navigate these developments, the significant movements in both meme-coins and major cryptocurrencies like Ethereum highlight the influence of regulatory expectations and market sentiment on digital assets.
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Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry a high level of risk, and individuals should conduct their research and consult with a financial advisor before making any investment decisions.
Source: FxStreet
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