Is PEPE a top choice for investors this week? Analysts say…

PEPE: A Top Pick in the Bearish Market, Fueled by Ethereum ETF Approval

Despite the prevailing bearish sentiment, PEPE has surged by 6% in price and experienced a 40% increase in trading volume. This makes PEPE a promising investment choice in the wake of the SEC's approval of spot Ethereum ETFs.

Impressive Performance in a Challenging Market

PEPE has emerged as a leading ETH-based altcoin amidst a massive $107 million inflow into Ethereum ETFs. This has propelled investor interest, driving up PEPE's open interest and price. On July 24, PEPE witnessed a price jump of over 6% and a 40% increase in trading volume, indicating strong confidence among investors and traders.

Analysts' Optimistic Outlook

Analysts predict further growth for PEPE. After a period of consolidation, historical data suggests that PEPE tends to embark on a significant rally. This pattern is expected to repeat, providing encouragement for investors.

Moreover, PEPE's open interest has increased by 10% in the past 24 hours, signaling a bullish sentiment. On May 23, 2024, the SEC's approval of the spot Ether ETF led to significant accumulation of PEPE by whales and investors. This trend may continue as the ETF goes live, driving PEPE's price even higher.

Return of Bulls and Positive Expectations

CoinGlass data indicates a return of bullish sentiment, with long positions in PEPE outpacing short positions. This suggests that the market is shifting toward a more optimistic outlook.

Struggles of Other Meme Coins

In contrast to PEPE's performance, other popular meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI), have failed to gain momentum. DOGE, SHIB, and FLOKI have faced price declines of 1.2%, 0.8%, and 1.1%, respectively, in the last 24 hours. Even major crypto assets like Bitcoin (BTC) and Ethereum (ETH) have experienced setbacks.