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<p><strong>Pepe surged to an all-time high with a 27% increase in just 24 hours, propelled by Ethereum’s rise of 23.28% fueled by expectations of ETF approval by May 23. Among top memecoins, PEPE led the price increases, followed by BONK, Floki, and BOME.</strong></p><h2 id="header-0">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/Chika-Moji-Airdrop.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>The Ethereum-based memecoin project Pepe saw its value soar to a record high, surging by 27% in the past 24 hours. This rise was sparked by speculation about the potential approval of spot <a href="https://cryptosheadlines.com/us-sec-set-to-reject-ethereum-exchange-traded-funds-etfs-reports-reuters/" rel="noopener noreferrer nofollow">Ethereum exchange-traded funds</a> (ETFs) in the United States. According to crypto investor Matthew Hyland in his May 21 post, PEPE is considered a strong contender among memecoins as the Ethereum ETF approval process unfolds.</p><h3 id="ethereum-and-pepe-price-surge-amid-etf-speculation">Ethereum and Pepe Price Surge Amid ETF Speculation</h3><p>Crypto investor and analyst Kaleo remarked on the intriguing movement of Ethereum, noting the newfound prominence of PEPE as a prominent trading pair in hindsight. Ethereum experienced a notable increase of 23.28% over the past two days, reaching $3,785. This surge came amidst revived optimism that the Securities and Exchange Commission (SEC) might approve Ethereum ETF funds by the May 23 deadline, surprising both analysts and the crypto industry.</p><p>According to CoinMarketCap data, PEPE is currently trading at $0.00001387, marking a 23.48% rise in the last 24 hours. <a href="https://cryptosheadlines.com/crypto-analyst-predicts-pepe-pepe-surge-in-memecoin-momentum/" rel="noopener noreferrer nofollow">Crypto analyst and investor Plazma believes that PEPE’s upward momentum</a> will persist, although anticipating short-term volatility. In a statement on May 21, the respected analyst predicted:</p><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/cryptosheadlines4-4.webp?resize&#61;640%2C403&amp;ssl&#61;1" /></p><p>“PEPE’s price discovery will continue in the coming weeks, with regular pauses and typical retracements. We anticipate reaching a 2x-3x increase within just a few weeks.”</p><h2 id="header-1">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/Chika-Moji-Airdrop-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><h3 id="pepe-s-open-interest-and-memecoin-market-trends">PEPE’s Open Interest and Memecoin Market Trends</h3><p>According to CoinGlass data, PEPE’s Open Interest (OI), which gauges the total value of all outstanding futures contracts for <a href="https://cryptosheadlines.com/crypto-exchange-lists-floki-pepe-and-bone/" rel="noopener noreferrer nofollow">PEPE on crypto exchanges</a>, surged by 40% to $172.96 million within the last 24 hours. This increase in OI typically indicates growing investor confidence in taking future positions in the cryptocurrency, with a notable presence of long positions.</p><p><a href="https://cryptosheadlines.com/bitcoin-takes-big-steps-in-the-crypto-world/" rel="noopener noreferrer nofollow">Also Read:   Bitcoin Takes Big Steps in the Crypto World</a></p><p>In the event that PEPE’s price experiences a 6% decline, approximately $10 million in long positions could face liquidation. Despite potential risks, <a href="https://cryptosheadlines.com/bitcoin-tops-47k-ethereum-gains-and-pepe-price-surges-11/" rel="noopener noreferrer nofollow">PEPE led the price surge among the top 10 memecoins</a> by market capitalization over the past day.</p><p></p><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/cryptosheadlines5-5.webp?resize&#61;640%2C282&amp;ssl&#61;1" /></p><p>PEPE’s Open Interest (OI) data. Source View: CoinGlass</p><p>Last week also saw significant gains for other leading memecoin projects. BONK rose by 40.80%, Floki by 21.94%, and <a href="https://cryptosheadlines.com/meme-book-skyrockets-2000-in-just-2-days-whats-going-on/" rel="noopener noreferrer nofollow">Book of Memes</a> (BOME) by 25.04%, showcasing a robust performance across the memecoin sector.</p><p><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</p>

Pepe Reaches Record High Amid Ethereum ETF Speculation

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