Author: Ciaran Lyons, CoinTelegraph; Translated by: Baishui, Jinse Finance
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 exchange-traded fund (ETF).
“PEPE is probably the best performing memecoin before the Ethereum ETF,” cryptocurrency trader Matthew Hyland claimed in a May 21 post.
Pseudonymous cryptocurrency trader “Kaleo” added that ETH’s movement is interesting, with PEPE now one of the most obvious post-trade.
Ethereum has risen 23.28% over the past two days to $3,785, rekindling hopes that the U.S. Securities and Exchange Commission will approve an Ethereum ETF before its May 23 deadline — an unexpected turn of events for analysts and the crypto industry.
According to CoinMarketCap data, PEPE is trading at $0.00001387, up 23.48% in the past 24 hours.
PEPE has risen 22.25% in the past 7 days. Source: CoinMarketCap
Anonymous cryptocurrency trader “Plazma” believes that PEPE’s upward trend will continue, but expects short periods of volatility along the way.
“PEPE price gains should continue over the coming weeks, with a few days of normal pullback likely. We’re 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 risen 40% in the past 24 hours to $172.96 million, according to CoinGlass.
A rising OI typically indicates that traders are more confident entering future positions in cryptocurrencies, and the data shows a large number of long positions.
PEPE's price surged in the past 24 hours, resulting in $6 million in short positions being liquidated. Source: CoinGlass
If the price of PEPE drops by 6%, the $10 million long position will be liquidated.
PEPE has led the pack among 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) rose 40.80%, Floki (FLOKI) rose 21.94%, and Book of Memes (BOME) rose 25.04% this week.
