PEPE Coin Hits All-Time High Fueled by Bullish Sentiment Around Ether ETF: What’s Next?

Key Insights:

• Pepe coin hits an all-time high, surging 27% as Ethereum’s bullish trend fuels memecoin market optimism.
• Pepe’s trading volume and open interest spike reflect increased investor confidence and market activity.
• Technical indicators support a continued upward trend for Pepe, with strong support levels and high volatility suggesting potential for further gains.

Ethereum-based memecoin Pepe has seen a notable increase in its value, driven by speculation surrounding the potential approval of spot Ether exchange-traded funds (ETFs) in the United States. Pepe’s price surged 27% in the past 24 hours, reaching a new all-time high, reflecting the growing investor confidence. At press time, PEPE was trading at $0.00001348, according to CoinMarketCap data.

Pepe’s rise coincides with a broader bullish trend in the cryptocurrency market, particularly concerning Ethereum. Ether’s price has risen by 23.28% over the past two days, reaching $3,739, fueled by hopes that the U.S. Securities and Exchange Commission (SEC) may approve spot Ether ETFs by the May 23 deadline. This optimism has spilled over into related markets, benefiting Ethereum-based memecoins like Pepe.

PEPE Vs. ETH/USD 1-day price chart (Source: CoinMarketCap)

A surge in trading volume and open interest has also accompanied the increase in Pepe’s price. CoinGlass data shows that Pepe’s open interest rose 40% to $172.96 million in the past 24 hours, indicating increased trader confidence and a significant number of long positions. This trend suggests that investors are actively positioning themselves for further gains despite potential volatility.

Technical Analysis Signals Continued Upward Trend

Technical indicators support Pepe’s bullish outlook. The Bollinger Bands analysis indicates high volatility, with the potential for another significant price move soon. The short Moving Average provides strong support, suggesting stability in Pepe’s current price range. 

Additionally, Pepe’s Relative Strength Index (RSI) remains above 65, indicating a robust bull trend. The RSI has avoided entering the overbought zone, which could have triggered a bearish reversal.

PEPE/USD 4-hour price chart (Source: TradingView)

Market analysts believe that Pepe’s upward momentum will likely continue. Pseudonymous crypto trader “Plazma” anticipates ongoing price discovery over the next few weeks, albeit with some normal breaks and pullbacks. Other traders share this view, seeing Pepe as a viable proxy bet on Ethereum’s growth.

Market Activity and Trading Volume Increase

Pepe’s popularity among traders is reflected in its high trading volumes. On major cryptocurrency exchanges like Binance, Pepe ranked as the 7th most traded asset, with a 16% increase in trade volume over the past 24 hours. This high trading activity indicates sustained interest in the memecoin, driven by both retail and institutional investors.

According to Santiment data, the number of Pepe holders has also grown slightly, with approximately 270 new holders over the past 24 hours. This increase in the holder base demonstrates continued interest and confidence in the memecoin’s potential.

Whale Activity and Market Dynamics

Pepe’s recent success has attracted significant attention from large investors, often referred to as “whales.” Notably, an individual with substantial holdings recently withdrew 592 billion PEPE (valued at $7.95 million) from Binance, likely acquired during the recent price surge. This whale activity underscores the growing market interest and the potential for further price increases.

Despite a brief decline of around 2.7% from its all-time high, Pepe has maintained its position within the new price range. The continued increase in trading volume and open interest suggests that there is sufficient market support for its current price level.

Broader Memecoin Market Trends

Pepe’s impressive performance has led the price growth among the top 10 memecoins by market capitalization. Other notable memecoins have also experienced significant gains over the past week. Bonk (BONK) is up 40.80%, Floki (FLOKI) has increased by 21.94%, and Book of Memes (BOME) has risen by 25.04%.

The broader bullish sentiment in the cryptocurrency market, driven by Ethereum’s growth, has positively impacted these memecoins. Traders have been using these tokens as proxy bets on the overall market trend, hoping to capitalize on their upward trajectories.

Editorial credit: Muhammad Alimaki / Shutterstock.com

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