- Despite bearish market sentiment, PEPE experienced a 6% price jump and a 40% increase in trading volume.
PEPE looks like a top choice for investors following the spot Ethereum ETF approval.
As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored the recent price movements and trends of various altcoins. Despite the bearish sentiment that has pervaded the market recently, one coin that has caught my attention is PEPE.
Amidst the pessimistic outlook for the markets, PEPE, an Ethereum-based altcoin, has stood out with a significant price increase, making it a notable contender in the crypto scene.
After a significant investment of $107 million in Ethereum ETFs, there has been a surge of interest from crypto investors in PEPE. This has led to an increase in both the open interest and the price of PEPE in a noticeable way.
On the 24th of July, as I closely monitored my crypto portfolio on CoinMarketCap, PEPE caught my attention with a remarkable price jump of more than 6%. Additionally, its trading volume soared by an impressive 40%. In this volatile market, such a significant increase in both price and trading volume is a clear sign that investors and traders have faith in PEPE.
Bullish outlook for PEPE, says analyst
An analysis conducted by a research specialist revealed that there is a strong possibility for PEPE to undergo a substantial increase in the near future.
Analysts have additionally provided a PEPE chart indication, revealing that following a 60-day period of stability, PEPE typically undergoes a significant price surge.
This time pattern is expected to repeat, providing further optimism for investors.
Furthermore, there’s growing engagement and enthusiasm for PEPE as indicated by a 10% surge in its open interest over the past day, based on data from Coinglass.
The significant increase in trading volume for PEPE suggests a robust bullish outlook, reflecting the optimistic market attitude towards this stock.
As an analyst, I would rephrase that sentence as follows: On May 23, 2024, I observed a significant increase in buying activity for PEPE and other Ether-based tokens among large investors and whales following the SEC’s approval of the spot Ethereum Exchange Traded Fund (ETF).
When the Ether ETF becomes available for trading, there could be a comparable build-up of interest in PEPE, potentially leading to an increase in its price.
Return of bulls and upcoming expectation
Furthermore, the data from CoinGlas indicates a potential resurgence of bulls in the PEPE market, as there are more long positions than short ones. This imbalance suggests that bearish sentiment may be waning, and the market may be transitioning to a more optimistic perspective.
Struggles for other memecoins
Among the popular meme coins besides PEPE, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI), have been having a tough time picking up steam.
Read Pepe’s [PEPE] Price Prediction 2024-25
Based on data from Coinmarketcap, DOGE, SHIB, and FLOKI have each undergone a decrease in price by approximately 1.2%, 0.8%, and 1.1% within the past 24 hours.
Furthermore, Bitcoin (BTC) and Ethereum (ETH), two prominent cryptocurrencies, have experienced declines of 0.8% and 1.9%, respectively, over the past 24 hours.
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2024-07-25 05:12