PEPE Follows ETH’s Price Jump and Reaches a New ATH

The Ethereum-based memecoin, Pepe (PEPE), has recently soared by 27%, reaching an unprecedented all-time high. This surge is largely attributed to the buzz around the potential approval of spot Ether exchange-traded funds (ETFs) in the United States, a move anticipated by market watchers by May 23. This speculation has notably influenced Pepe’s performance, highlighting its strong correlation with Ether’s market movements.

Over the past week, Pepe has not only achieved a 24-hour price increase of 23.48% but maintained robust growth of 22.25% over the past seven days, according to data from CoinMarketCap. This recent spike pushed Pepe’s price to $0.00001387, demonstrating a clear uptrend in its market valuation.

Trading activity on Pepe has also seen a notable uptick. It recently became one of the most traded assets on Binance, with a 16% increase in trade volume within a single day. Despite a slight dip in ranking, falling to seventh place among traded assets, Pepe continues to outperform other meme coins such as Bonk and Floki.

The enthusiasm around Pepe is also reflected in the futures market, where its Open Interest — a measure of the total value of outstanding futures contracts — surged by 40% to $172.96 million. This represents a significant commitment by traders to Pepe’s long-term prospects, highlighting increased confidence in the asset.

Technical indicators further bolster the positive outlook for Pepe. The Relative Strength Index (RSI) remains above 65, suggesting a continuing bull trend, although recent declines have staved off an overbought condition. Additionally, the short Moving Average has provided strong support, hinting at potential stability in its price levels despite high volatility.

With the growing number of Pepe holders, now totaling over 221,830, and a rising trade volume that recently peaked at $2.3 billion, the memecoin seems poised for further exploration in price discovery over the coming weeks.