Ethereum-Based Memecoin Pepe (PEPE) Surges 27% Amid Ether ETF Speculation

Ethereum-based memecoin Pepe (PEPE) has experienced a significant surge of 27% to reach a new all-time high in the past 24 hours. This spike is largely driven by speculation surrounding the potential approval of spot Ether (ETH) exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC).

Speculation Around Ether ETF Approval

Crypto trader Matthew Hyland highlighted PEPE as “probably the best memecoin play for the ETH ETF” in a May 21 post on social media platform X.

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The speculation has also fueled a broader rally in Ether itself, which has risen 23.28% over the past two days, reaching $3,785. This increase is tied to renewed optimism that the SEC may approve Ether ETFs by a May 23 deadline, a development that has taken many analysts and industry insiders by surprise.

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Source: CoinMarketcap

PEPE’s Impressive Performance

PEPE is currently trading at $0.00001387, marking a 23.48% increase over the past 24 hours, according to CoinMarketCap data. Pseudonymous trader “Plazma” expressed confidence in PEPE’s continued upward trend, albeit with expectations of brief volatile periods. “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,” Plazma noted in a May 21 post on X.

Rising Open Interest Reflects Growing Confidence

PEPE’s Open Interest (OI), which measures the total value of all outstanding futures contracts for the memecoin across various crypto exchanges, has risen 40% to $172.96 million in the past 24 hours, according to CoinGlass data. An increase in OI generally indicates that traders are more confident in entering future positions on a cryptocurrency, with a significant number of these being long positions.

Source: CoinGlass

Broader Memecoin Market Trends

While PEPE has led in price growth among the top 10 memecoins by market capitalization over the past 24 hours, other memecoins have also seen notable gains. BONK (BONK) has surged by 40.80%, Floki (FLOKI) has increased by 21.94%, and Book of Memes (BOME) has risen by 25.04% over the past week. These jumps reflect a broader positive trend in the memecoin market, fueled by the same speculative fervor surrounding potential developments in the cryptocurrency sector.

The recent surge in PEPE and other memecoins underscores the heightened speculative activity in the crypto market, driven by the anticipation of regulatory approvals and market developments. As the May 23 deadline approaches, all eyes are on the SEC’s decision regarding Ether ETFs, which could further influence the trajectory of these digital assets.

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.