Pepe Memecoin Soars to Record High Amid Ethereum ETF Speculation
Summary:
Pepe (PEPE), an Ethereum-based memecoin, has seen a 27% increase, reaching a record high due to speculation around the possible US approval of spot Ether (ETH) exchange-traded funds (ETF). As per CoinMarketCap, PEPE is trading at $0.00001387, with a rise of 23.48% within the last 24 hours and 22.25% over the past week. Increased Open Interest in PEPE indicates traders' confidence in future positions on the cryptocurrency. Other top memecoins, including BONK, Floki, and Book of Memes, have also experienced significant price increases over the past week.
Pepe (PEPE), a cryptocurrency based on the Ethereum platform, has witnessed a price jump of 27%, achieving a record high, due to rising expectations surrounding the possibility of Ether (ETH) spot exchange-traded funds (ETF) being approved in the U.S. Pepe is one of the prime opportunities among cryptos connected to ETH ETFs, opines Matthew Hyland, a digital currency enthusiast, who shared his views anonymously online on May 21. Another anonymous online trader, known as “Kaleo”, expressed the irony around the movement of ETH and how PEPE turned out to be a predictable trade, in retrospect. This comes as Ether sees a two-day spike of 23.28% to $3,785, fueled by optimistically renewed expectations that Ether ETFs may soon win regulatory approval. This represents an unforeseen paradigm shift that has left market analysts puzzled. According to CoinMarketCap, PEPE is currently trading at $0.00001387, witnessing a growth of 23.48% within the last 24 hours. Over the last week, it has grown by 22.25%. Another pseudonymous trader, “Plazma” expects Pepe's growth to continue despite certain inconsistencies. Pepe’s Open Interest (OI), a marker of the total value of outstanding futures contracts across digital currency exchanges, has increased by 40% to $172.96 million in the last 24 hours, CoinGlass reports. Generally, a rise in OI reflects traders' increased confidence in future crypto investments, with the reported data indicating dominant long positions. Pepe's price spike during the last 24 hours saw the liquidation of short positions worth $6 million. If Pepe's price were to slump by 6%, it would liquidate long positions worth $10 million. In the meantime, among the top 10 meme-based digital currencies, Pepe has seen the most price growth in the past 24 hours. Other leading meme-currencies have also experienced marked price increases over the last week including BONK (up 40.80%), Floki (up 21.94%), and Book of Memes (up 25.04%). However, it’s important to remember that all investment and trading moves involve considerable risk, and it's recommended for investors to conduct thorough research before making a decision.
Published At
5/22/2024 8:38:53 AM
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