The meme coin market has had a bullish start to the week. Pepe (PEPE) is leading the charge, with the token’s price surging 15% since yesterday afternoon.

But the positivity isn’t just around PEPE. Meme coin traders are also buzzing about the progress of Dogeverse’s (DOGEVERSE) presale – which has raised over $15 million in funding.

PEPE Price Rallies as Derivatives Traders Pile In

PEPE has been on fire lately, with its price now at $0.0000111.

Earlier today, PEPE came within striking distance of last week’s all-time high before experiencing a slight pullback.

But make no mistake, the momentum is still very much with the frog-themed token.

PEPE has decisively rejected the $0.0000090 level as support, which had also acted as stubborn resistance earlier this month.



The numbers don’t lie – spot trading volumes are up 177% to $2.2 billion in the past 24 hours.

That trading activity has pushed PEPE to become the 8th most traded crypto, flipping giants like Dogecoin and XRP along the way.

With over $122 million in open interest, just shy of March’s $126 million all-time high, it’s clear that derivatives traders are betting big on PEPE’s continued rise.

Additionally, the Long/Short ratio sits at 1.02, indicating that more traders hold long positions than short positions.

Ethereum ETF Hopes Boost Investor Sentiment

One of the main catalysts for PEPE’s run is the renewed bullishness around crypto in general after some promising developments on the spot Ethereum ETF front.

Word is that the SEC has been asking firms looking to list these ETFs to update and refile certain key documentation, called Form 19b-4 filings.

These filings are required to let the SEC know about proposed rule changes for new products like ETFs.

Having to resubmit this paperwork means the SEC is considering whether to greenlight a spot ETH ETF.