Pepe surged to an all-time high with a 27% increase in just 24 hours, propelled by Ethereum’s rise of 23.28% fueled by expectations of ETF approval by May 23. Among top memecoins, PEPE led the price increases, followed by BONK, Floki, and BOME.
The Ethereum-based memecoin project Pepe saw its value soar to a record high, surging by 27% in the past 24 hours. This rise was sparked by speculation about the potential approval of spot Ethereum exchange-traded funds (ETFs) in the United States. According to crypto investor Matthew Hyland in his May 21 post, PEPE is considered a strong contender among memecoins as the Ethereum ETF approval process unfolds.
Ethereum and Pepe Price Surge Amid ETF Speculation
Crypto investor and analyst Kaleo remarked on the intriguing movement of Ethereum, noting the newfound prominence of PEPE as a prominent trading pair in hindsight. Ethereum experienced a notable increase of 23.28% over the past two days, reaching $3,785. This surge came amidst revived optimism that the Securities and Exchange Commission (SEC) might approve Ethereum ETF funds by the May 23 deadline, surprising both analysts and the crypto industry.
According to CoinMarketCap data, PEPE is currently trading at $0.00001387, marking a 23.48% rise in the last 24 hours. Crypto analyst and investor Plazma believes that PEPE’s upward momentum will persist, although anticipating short-term volatility. In a statement on May 21, the respected analyst predicted:
“PEPE’s price discovery will continue in the coming weeks, with regular pauses and typical retracements. We anticipate reaching a 2x-3x increase within just a few weeks.”
PEPE’s Open Interest and Memecoin Market Trends
According to CoinGlass data, PEPE’s Open Interest (OI), which gauges the total value of all outstanding futures contracts for PEPE on crypto exchanges, surged by 40% to $172.96 million within the last 24 hours. This increase in OI typically indicates growing investor confidence in taking future positions in the cryptocurrency, with a notable presence of long positions.
In the event that PEPE’s price experiences a 6% decline, approximately $10 million in long positions could face liquidation. Despite potential risks, PEPE led the price surge among the top 10 memecoins by market capitalization over the past day.
PEPE’s Open Interest (OI) data. Source View: CoinGlass
Last week also saw significant gains for other leading memecoin projects. BONK rose by 40.80%, Floki by 21.94%, and Book of Memes (BOME) by 25.04%, showcasing a robust performance across the memecoin sector.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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