Image credit: Pepe/X

Disclaimer: This story was originally published on May 22, 2024

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Pepe (PEPE), a memecoin based on Ethereum, soared by 27% to a new all-time high over the past 24 hours amid renewed optimism surrounding the approval of spot Ether (ETH) exchange-traded funds (ETF) in the United States.

According to cryptocurrency market data aggregator CoinGecko, Pepe reached its latest peak on May 22 at 7:31 GMT+4. The meme coin trades at $0.00001369, down 3.8% from the all-time high, with a market capitalization of over $5.7 billion, at the time of writing.

Crypto Twitter took to X to share their excitement amid Pepe’s latest rally. Crypto trader Matthew Hyland said, “PEPE [is] probably the best MEME Coin play for the ETH ETF.”

Pepe’s 24-hour daily trading is also up by 86% to $4.29 billion, numbers from CoinMarketCap show.

Meanwhile, Ether is up 29.1% in the last seven days to $3,750.93, fueled by a wave of optimism following reports that the US Securities and Exchange Commission (SEC) may be on the verge of approving Ether ETFs by May 23.

Analysis from crypto trader “Plazma” suggests that Pepe’s trajectory “should continue for the next few weeks” with normal volatility.

According to CoinGlass data, PEPE’s open interest, a key indicator of market sentiment, jumped 40% to $172.96 million in the last 24 hours. This surge suggests increased trader confidence in establishing future positions for the meme-inspired cryptocurrency, with a notable bias towards long positions.

PEPE led in price growth among the top 10 memecoins by market capitalization over the past 24 hours but isn’t the only Ethereum-based meme token that witnessed a surge in price on the heels of renewed ETH ETF optimism. On May 21, Milady (LADYS) and Doge (DOGE) surged about 28% and 6%, respectively.