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Ethereum-based memecoin project Pepe reached an all-time high with a 27% increase in the last 24 hours, driven by speculation surrounding the possible approval of spot Ethereum exchange-traded funds in the United States. Crypto investor Matthew Hyland stated in his May 21 X post that PEPE is likely the best memecoin player for the Ethereum ETF process.
What’s Happening with PEPE?
Crypto investor and analyst Kaleo noted that it’s funny how Ethereum is moving and added that PEPE has now become one of the most obvious trade pairs in hindsight. Ethereum rose by 23.28% to $3,785 in the last two days amid renewed hopes that the Securities and Exchange Commission will act to approve Ethereum ETF funds by the May 23 deadline; this was an unexpected development for analysts and the crypto industry.
According to CoinMarketCap data, PEPE is trading at $0.00001387, up 23.48% in the last 24 hours. Crypto analyst and investor Plazma believes PEPE’s upward trend will continue but expects short-term volatile periods along the way. The well-known figure shared the following on May 21:
“PEPE price discovery will continue over the next few weeks, with normal breaks and usual pullbacks. We will reach 2x-3x in just a few weeks.”
PEPE and Memecoin Projects
Meanwhile, according to CoinGlass data, PEPE’s Open Interest (OI), which measures the total value of all outstanding PEPE futures contracts on crypto exchanges, rose by 40% to $172.96 million in the last 24 hours. An OI increase usually indicates that investors feel more confident about entering future positions in a cryptocurrency; the data shows a significant number of long positions.
If PEPE’s price drops by 6%, $10 million will be liquidated in long positions. PEPE led the price increase among the top 10 memecoins by market cap in the last 24 hours, but other leading memecoin projects also saw significant price increases last week. BONK rose by 40.80%, Floki by 21.94%, and Book of Memes (BOME) by 25.04%.
