With fresh prospects for ETF clearance, PEPE achieves new heights and the price of ETH jumps
Speculation over the possible acceptance of spot Ether exchange-traded funds (ETF) in the United States drove the 27% jump to a new all-time high in the previous 24 hours for the Ethereum-based memecoin Pepe.
In an article on May 21st, crypto trader Matthew Hyland said that PEPE is likely the most suitable memecoin investment for the ETH ETF.
One of the most blatant hindsight trades is PEPE, which is moving in tandem with ETH, as the pseudonymous crypto trader "Kaleo" pointed out.
In an unexpected turn of events for analysts and the crypto sector, there is fresh optimism that the U.S. Securities and Exchange Commission (SEC) is working to approve spot Ether ETFs by a May 23 deadline. As a result, Ether (ETH $3,735) has jumped 23.28% in the previous two days to $3,785.
Data from CoinMarketCap shows that Pepe (PEPE) has risen 23.48% in the last 24 hours, trading at $0.00001387.
An anonymous crypto trader named "Plazma" predicts that PEPE's rising trend will continue, with minor episodes of volatility interspersed throughout.
PEPE price discovery is expected to continue over the next weeks, interspersed with the expected short pauses and pullbacks. They said in a post on May 21st that they would be at 2x-3x in a matter of weeks.
Meanwhile, data from CoinGlass shows that the open interest (OI) in PEPE, which is a measure of the total value of all outstanding PEPE futures contracts across crypto exchanges, increased by 40% to $172.96 million in the previous 24 hours.
A large number of traders are in long positions, which is a common indicator of increased confidence among cryptocurrency traders as the OI rises.
The company would sell off $10 million worth of long holdings if PEPE's stock fell 6 percent.
Among the top ten memecoins by market size during the last 24 hours, PEPE saw the largest price increase, while other prominent memecoins also had substantial price rises over the last week.
