Pepe Achieves All-Time High Due to Ethereum ETF Speculation

Pepe Reaches All-Time High Amid Ethereum ETF Speculation

Ethereum-based memecoin Pepe has surged to an all-time high, experiencing a 27% increase in the past 24 hours. This surge is fueled by speculation surrounding the potential approval of spot Ethereum exchange-traded funds (ETFs) in the United States.

Crypto investor Matthew Hyland believes that PEPE is well-positioned to benefit from the Ethereum ETF approval process.

PEPE's Recent Performance

Crypto investor and analyst Kaleo has noted the significant price movements in Ethereum and has highlighted PEPE as a notable trading pair. Ethereum has gained 23.28% to $3,785 in the past two days, driven by renewed optimism that the Securities and Exchange Commission (SEC) may approve Ethereum ETF funds by the May 23 deadline.

According to CoinMarketCap data, PEPE is currently trading at $0.00001387, up 23.48% in the past 24 hours. Crypto analyst and investor Plazma predicts that PEPE's upward trend will continue, but anticipates short-term volatility along the way.

PEPE's Open Interest and Memecoin Performance

CoinGlass data reveals that PEPE's Open Interest (OI) has increased by 40% to $172.96 million in the past 24 hours. This suggests that investors are increasingly confident in PEPE's future prospects.

Among the top 10 memecoins by market cap, PEPE has led the price increase in the past 24 hours. Other notable performers include BONK (40.80%), Floki (21.94%), and Book of Memes (BOME) (25.04%).

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This article was originally published on COINTURK NEWS: Pepe Achieves All-Time High Due to Ethereum ETF Speculation