Pepe Price Soars 15% In A Week, But Investors Flock To This Dog-Themed Meme Coin Rival For Parabolic Gains

PEPE Price Surges Amidst Ethereum ETF Hype

The value of PEPE has experienced a significant increase of 15% within the past week and 2% within the last 24 hours, currently trading at $0.00001630 as of 01:16 a.m. EST.

This surge in PEPE's popularity is attributed to the heightened interest in Ethereum blockchain-based tokens following the landmark approval of spot ETH ETFs (exchange-traded funds).

PEPE Open Interest Increases

Coinciding with the surge in its price, PEPE's open interest has witnessed a substantial rise of nearly $34 million in under a week. This surge commenced with the approval of ETH spot ETFs on May 23, where open interest stood at $146.12 million, and has since reached $180.09 on May 29.

Bullish Market Sentiment

The increase in open interest is generally interpreted as a positive sign, suggesting that market participants are positioning themselves for further price appreciation. Trader and analyst Crypto Rover predicts a potential 6-fold increase in PEPE's market capitalization.

Price Analysis

PEPE's price has broken out of the confines of an ascending parallel channel, displaying a bullish trend. However, after a series of higher highs, the altcoin may experience a corrective pullback before continuing its upward movement.

Indicators such as Bollinger Bands and Relative Strength Index (RSI) suggest the asset may be overbought, indicating a potential for a retracement. Fibonacci retracement levels indicate a potential retest at the 23.6% level of $0.00001416.

While a pullback is possible, if the Fibonacci support trendline holds, the price could potentially reach new heights above $0.00001726.

Alternative Investment Option

WAI, a dog-themed rival meme coin, has recently gained traction. The coin is backed by a promising project focused on developing an AI companion for investing. WAI's presale has already garnered significant success, and token holders can stake their holdings for a 309% annual yield.