According to Cointelegraph: The Ethereum-based memecoin, Pepe (PEPE), has surged 27% to a new all-time high over the past 24 hours. This surge comes amid speculation around the potential United States approval of spot Ether exchange-traded funds (ETFs).

PEPE is up 22.25% over the past seven days. Source: CoinMarketCap

Cryptocurrency trader Matthew Hyland backed PEPE as the most promising memecoin linked to the potential approval of the ETH ETF in a May 21 X post. Another pseudonymous crypto trader, "Kaleo," noted that the performance of PEPE was a clear sign of the growing market awareness of the coin's potential.

The price jump in PEPE came as Ether saw a 23.28% rise over the past two days, increasing to $3,785. This rise buoyed by the renewed optimism that the U.S. Securities and Exchange Commission (SEC) will approve Ether ETFs by the May 23 deadline.

PEPE's price spike over the past 24 hours saw $6 million in short positions liquidated. Source: CoinGlass

Continuing the positive news for the coin, PEPE's Open Interest – a measure of outstanding futures contracts across crypto exchanges – rose 40% to $172.96 million over the last 24 hours, suggesting increased trader confidence in the coin's future performance.

While PEPE led the price growth among memecoins, other top memecoins like BONK (BONK), up by 40.80%, Floki (FLOKI), up by 21.94%, and the Book of Memes (BOME), up by 25.04%, also saw significant price boosts over the past week.