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One great meme coin is stealing the spotlight each and every day – PEPE. As an Ethereum-based token, PEPE has captivated the cryptocurrency world with its explosive growth and impressive market performance.
According to the latest data from CoinMarketCap, PEPE surged past the $6 billion market cap on May 23rd, moving it to the 21st spot among all crypto assets.
SEC Approval of Ethereum Spot ETF Fuels PEPE’s Surge
The catalyst for this impulsive move can be attributed to the bullishness surrounding the SEC approval of an Ethereum spot Exchange Traded Fund (ETF).
As an ERC-20 token, PEPE has ridden the wave of excitement over this ETH-based news. Investors’ confidence in Ethereum’s potential has significantly boosted PEPE’s appeal.
PEPE’s Meteoric Rise in Numbers
The numbers speak volumes about PEPE’s super rise. Its price hit an all-time high of $0.0000157 on May 23rd, after a 76% gain just three days before the day of the fresh record.
Over the past 24 hours, PEPE has seen a 12% increase to currently read at $0.00001544, with a 53% surge over the last 7 days and a whopping 112% jump in the last 30 days. Its market cap stands at over $6.5 billion, while its 24-hour volume is at $2.1 billion.
On-Chain Metrics Show Strong Investor Interest
On-chain metrics further reinforce the growing investor interest in PEPE. According to data from Sentiment, the 24-hour Active Addresses metric, which tracks the number of wallets interacting with the PEPE blockchain, has spiked from 3.5K to 12K between May 20th and 22nd.
This significant uptick suggests that investors are actively engaging with PEPE at its current price levels.
Declining Supply on Exchanges Signals Bullish Sentiment
Another key indicator is the declining supply on exchanges. As investors move their assets to private wallets, signaling anticipation of future price increases, the supply on exchanges has been steadily dropping over time.
Currently standing at 173.78T on May 25th, this trend further highlights the buying pressure behind PEPE.
PEPE Futures Open Interest Hits New Heights
Moreover, the PEPE Futures Open Interest (USD) has soared to an all-time high just a few days ago, on May 22nd, surpassing $163 million.
A higher open interest often indicates more traders entering the market using futures contracts, which can lead to increased volatility as these traders place bets on PEPE’s future price movements.
Technical Analysis: PEPE’s Bullish Momentum Continues
From a technical analysis perspective, PEPE’s bullish momentum appears to be far from over. The coin has been on a remarkable uptrend since marking a low of $0.00000391 on April 13th.
Just over a month later, on May 23rd, PEPE’s price recorded a new all-time high, representing a 301% increase. A great performance!
PEPE’s price action has consistently broken through resistance levels, creating new higher highs and respecting an ascending trendline since the April 13th low.
If this bull charge remains intact, the long-term outlook suggests that PEPE could continue to set fresh all-time highs regularly.
The Future of PEPE: More Highs Ahead?
While PEPE’s price is currently slightly below its recent all-time high, today’s surge has pushed it much closer, raising the possibility of recording yet another record high.
With strong on-chain metrics, increasing investor interest, and a favorable technical setup, PEPE’s future in the meme coin market looks incredibly promising.
As this cryptocurrency continues to gain traction, it remains a token to watch closely in the coming days and weeks.
Read Also: Unveiling the Bullish Surge: Bitcoin Price Prediction Soars to $75,000
Conclusion
In conclusion, PEPE has demonstrated remarkable resilience and growth in the volatile world of cryptocurrencies.
Its recent performance, driven by the bullish sentiment surrounding Ethereum and the SEC approval of the Ethereum spot ETF, has solidified its position as a top contender in the meme coin market.
Investors and traders alike are keeping a close eye on PEPE, anticipating further gains and new milestones in its journey.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. Cryptocurrency investments are highly volatile and carry significant risk. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.
