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PEPE Surges 27% Amid Speculation Over Ether ETF Approval

Pepe Token

The Ethereum-based memecoin Pepe (PEPE) jumped 27% to reach a new all-time high within the last 24 hours as traders buy into a possible approval of Ether spot Exchange Traded Funds (ETFs) in the United States. This has not only attracted the attention of the crypto community and traders but also boosted the market flows.

“If you are a memecoin fan, then, in my opinion, PEPE is one of the finest memecoin plays for the ETH ETF,” said crypto trader Matthew Hyland in an X post on May 21. The excitement about PEPE has been further fueled by the comments of some traders and an overall market upturn.

Ether and Other Memecoins on the Rise

Ether has also seen a sharp increase in its price, which has gone up by 23 percent. or 28% over the past two days to $3,785. This boost is due to optimism that the SEC will approve Ether ETFs by May 23rd as earlier planned. This potential approval is a twist for analysts and the overall crypto market given the current circumstances.

PEPE is currently in circulation and is valued at $0.000014, contributing to the price increase among memecoins, with a market capitalization of more than $10 billion. Over the past 24 hours, PEPE’s price has increased by 23%, according to CoinMarketCap data. Other memecoins have also shown a similar trend in the past week, with BONK (BONK) rising by 41%, Floki Inu (FLOKI) up 22%, and Book of Memes (BOME) increasing by 25%.

READ:  Ether Closing in on $4,000 as Post-ETF Hopes Surge

Crypto trader “Kaleo” pointed out the trend, saying it was funny how ETH is moving and how PEPE is one of the most obvious trades everyone should have taken when they were sleeping.

Future Outlook and Market Sentiment

PEPE’s Open Interest (OI), which is calculated by summing up the value of all the existing PEPE futures contracts across various exchanges, increased by 40% and reached $172.96 million. The trading volume reached $96 million in the last 24 hours, as per the data available on CoinGlass. Higher OI means that more traders are willing to hold on to their positions for longer periods, and it is often seen when a large number of long positions are opened.

Plazma feels that PEPE will continue to move upward but may experience some volatile periods from time to time. “It should remain in the discovery phase for the next few weeks with some normal breaks for a few days and the usual pullbacks. We should be at 2x-3x in just a few weeks,” Plazma posted on May 21st on X.

Nevertheless, the market is still conservative. If the price of PEPE reduces by 6% it means that $10 million in long positions will be liquidated, this is the risk that people face while trading in such a volatile market.

All in all, the attitude of PEPE and general tendency in the market prove that regulation of cryptocurrencies, including the possible approval of Ether ETFs, can influence the crypto space greatly.

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