A digital asset memecoin, Pepe (PEPE), surged 28% to an all-time high in 24 hours, driven by speculation about US approval of spot Ether ETFs.
Crypto trader Matthew Hyland noted PEPE as the top memecoin play for ETH ETF, reflecting market optimism, while “Kaleo” humorously linked ETH’s movement to PEPE’s success as an obvious trade.
Ether itself surged 21.15% in two days to $3,801, fueled by hopes of SEC approval for Ether ETFs before the May 23 deadline, surprising analysts and the crypto community.
As per CoinMarketCap data, PEPE’s current price is $0.00001348, marking a 21.72% increase in the past day. Pseudonymous trader “Plazma” predicts a continued upward trajectory for PEPE, expecting a 2x-3x increase in the coming weeks despite potential volatility.
Moreover, PEPE’s Open Interest (OI) surged by 40% to $172.96 million, indicating heightened trader confidence in future positions. Notably, a 6% drop in PEPE’s price could lead to the liquidation of $12.21 million in long positions.
While PEPE led the top 10 memecoins in price growth, other memecoins like BONK (BONK), Floki (FLOKI), and Book of Memes (BOME) also witnessed significant price surges over the past week, showcasing a bullish sentiment across the memecoin market.
Also Read: Floki Inu, Pepe, and Ethereum Lead Crypto Market Rally with Impressive Gains
