Ethereum-based memecoin Pepe surged 27% to a new all-time high over the past 24 hours, fueled by speculation surrounding the potential approval of spot Ether exchange-traded funds (ETFs) in the United States.
“PEPE is probably the best memecoin play for the ETH ETF,” crypto trader Matthew Hyland claimed in a May 21 X post.
Pseudonymous crypto trader “Kaleo” noted the irony in how ETH is moving, and PEPE has become one of the most obvious hindsight trades out there.
Ether has risen 23.28% over the past two days, reaching $3,785, amid renewed hope that the U.S. Securities and Exchange Commission (SEC) may approve spot Ether ETFs by a May 23 deadline.
This unexpected development has caught analysts and the crypto industry by surprise.
Pepe (PEPE) is currently trading at $0.00001387, up 23.48% over the past 24 hours, according to CoinMarketCap data.
Pseudonymous crypto trader “Plazma” believes PEPE’s upward trend will continue but anticipates brief periods of volatility.
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“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 May 21 X post.
Meanwhile, PEPE’s open interest (OI) — the total value of all outstanding PEPE futures contracts across crypto exchanges — increased 40% to $172.96 million over the past 24 hours, according to CoinGlass data.
An OI rise typically indicates traders are more confident in entering future positions on a cryptocurrency, with data showing a significant number in long positions.
If PEPE’s price drops 6%, it would liquidate $10 million in long positions.
PEPE led price growth among the top 10 memecoins by market capitalization over the past 24 hours, but other top memecoins also saw significant price increases over the past week.
Bonk (BONK) rose 40.80%, Floki (FLOKI) increased 21.94%, and Book of Memes (BOME) climbed 25.04%.
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