PEPE Hits New All-Time High Amid ETH Surge and Renewed ETF Approval Hopes

Ethereum-based memecoin PEPE has surged 27% to a new all-time high, driven by optimism surrounding the potential approval of U.S. spot Ether ETF. The broader market is buoyed by ETH significant price jump.

Pepe (PEPE) has experienced a remarkable 27% surge over the past 24 hours, reaching a new all-time high. This sharp increase comes amid growing speculation around the potential approval of spot Ether (ETH) exchange-traded funds (ETFs) in the United States.

Crypto trader Matthew Hyland highlighted PEPE’s strong performance in a May 21 post on X, stating, “PEPE is probably the best memecoin play for the ETH ETF.” Similarly, pseudonymous trader “Kaleo” remarked on the noticeable price movements of both ETH and PEPE, calling PEPE one of the most apparent hindsight trades.

The excitement surrounding PEPE coincides with a significant rally in Ether. ETH has risen by 23.28% over the past two days, reaching $3,785, driven by renewed hopes that the U.S. Securities and Exchange Commission (SEC) may approve spot Ether ETFs by the upcoming May 23 deadline. This potential regulatory approval has surprised analysts and boosted market sentiment across the crypto industry.

According to CoinMarketCap data, PEPE is currently trading at $0.00001387, reflecting a 23.48% increase in the past 24 hours. Pseudonymous trader “Plazma” predicts that PEPE’s upward trend will persist, albeit with some expected volatility. “PEPE price discovery should continue for the next few weeks with some normal breaks for a few days and the usual pullbacks. We will be at 2x-3x in just a few weeks,” Plazma wrote in a May 21 post on X.

Furthermore, PEPE’s open interest (OI), which measures the total value of all outstanding PEPE futures contracts across crypto exchanges, has risen by 40% to $172.96 million in the past 24 hours, according to CoinGlass data. An increase in OI generally indicates growing trader confidence in future positions on the cryptocurrency, with a significant number of long positions noted.

However, if PEPE’s price were to drop by 6%, it could trigger liquidations amounting to $10 million in long positions.

Despite potential risks, PEPE has led price growth among the top 10 memecoins by market capitalization over the past 24 hours. Other notable memecoins have also seen substantial gains over the past week. Bonk (BONK) has risen by 40.80%, Floki (FLOKI) by 21.94%, and Book of Memes (BOME) by 25.04%.

As the market closely watches the SEC’s decision and the ongoing performance of Ether and memecoins like PEPE, investors remain optimistic about the potential for further gains in the near term.

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