PEPE Surges 28% Hits New High as ETH Rises on ETF Approval

Pepe (PEPE) Memecoin Soars 28% on Spot Ether ETF Speculation

The digital asset memecoin, Pepe (PEPE), has surged 28% to an all-time high in the past 24 hours, propelled by speculation surrounding the potential approval of spot Ether ETFs in the United States.

PEPE Price Chart | Source: CoinMarketCap

Crypto trader Matthew Hyland has identified PEPE as the top memecoin play in anticipation of ETH ETFs, reflecting the market's optimism. "Kaleo" has humorously suggested that ETH's recent price action has made trading PEPE an obvious choice.

Ether itself has also experienced a significant gain, rising 21.15% over the past two days to $3,801. This surge is attributed to hopes of SEC approval for Ether ETFs before the May 23 deadline, surprising both analysts and the crypto community.

According to CoinMarketCap data, PEPE's current price stands at $0.00001348, representing a 21.72% increase over the past day. Pseudonymous trader "Plazma" anticipates further upward momentum for PEPE, predicting a 2x-3x increase in the coming weeks despite potential volatility.

Furthermore, PEPE's Open Interest (OI) has spiked by 40% to $172.96 million, indicating increased trader confidence in future positions. However, it's worth noting that a 6% drop in PEPE's price could trigger the liquidation of $12.21 million in long positions.

While PEPE has led the top 10 memecoins in price growth, other notable memecoins such as BONK (BONK), Floki (FLOKI), and Book of Memes (BOME) have also experienced significant price increases over the past week, reflecting a bullish sentiment across the memecoin market.

Read More: Floki Inu, Pepe, and Ethereum Lead Crypto Market Rally with Impressive Gains