PEPE gained 27% on the day as hopes for the approval of a spot Ethereum ETF in the U.S. were rekindled.
Ethereum-based memecoin Pepe (PEPE) has surged 27% in the past 24 hours to a new all-time high, driven by speculation that the United States may approve a spot Ethereum (ETH) exchange-traded fund (ETF).
“PEPE could be the best memecoin play for an ETH ETF,” cryptocurrency trader Matthew Hyland claimed in a May 21 X post.
Pseudonymous cryptocurrency trader “Kaleo” added that ETH’s movement is interesting, with PEPE now one of the most obvious post-money trades.
Ethereum has risen 23.28% over the past two days to $3,785 on renewed hopes that the U.S. Securities and Exchange Commission will approve an ether ETF before its May 23 deadline — an unexpected turn for analysts and the cryptocurrency industry.
According to CoinMarketCap data, PEPE is trading at $0.00001387, up 23.48% in the past 24 hours.
Anonymous cryptocurrency trader “Plazma” believes PEPE’s upward trend will continue but expects brief periods of volatility along the way.
"PEPE price discovery should continue over the coming weeks with a few days of normal rest and the usual pullback. We are on track to 2x-3x in just a few weeks," they wrote in a May 21 post.
Meanwhile, PEPE’s open interest (OI), which measures the total value of all open PEPE futures contracts on cryptocurrency exchanges, has increased 40% in the past 24 hours to $172.96 million, according to CoinGlass.
A rising OI typically indicates that traders are more confident about entering future positions in cryptocurrencies, and the data shows a sizable number of long positions.
If the price of PEPE drops by 6%, the $10 million long position will be liquidated.
PEPE has been leading the top 10 memecoins by market cap over the past 24 hours, but other top memecoins have also seen significant price increases over the past week.
BONK (BONK) gained 40.80%, Floki (FLOKI) gained 21.94%, and Book of Memes (BOME) gained 25.04% this week.
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