Despite the prevailing bearish market sentiment, PEPE has managed to stand out with a notable 6% price increase and a 40% surge in trading volume. This performance positions PEPE as a top choice for investors, especially following the approval of the spot Ethereum ETF.
In the current market climate, PEPE has emerged as a leading ETH-based altcoin, experiencing a significant price surge. The recent $107 million inflow into Ethereum Exchange-Traded Funds (ETFs) has shifted investor focus to PEPE, driving its open interest and price upwards.
On July 24th, PEPE saw a price increase of over 6%, accompanied by a 40% rise in trading volume. This dual increase in price and trading volume, even in a challenging market, reflects strong investor and trader confidence in PEPE.
Analysts Predict Bullish Outlook for PEPE
A research analyst has suggested that PEPE could see a significant rise in the coming days. Analysts have also highlighted a PEPE chart indicating that after a 60-candle period of consolidation, PEPE typically experiences a major rally. This pattern is expected to repeat, providing further optimism for investors.
Interest and participation in PEPE continue to grow. Recent data shows that PEPE’s open interest (OI) has increased by 10% in the last 24 hours. This rise in OI is a strong bullish indicator, underscoring the positive market sentiment towards PEPE.
Following the Securities and Exchange Commission (SEC) approval of the spot Ether ETF on May 23rd, 2024, whales and investors have heavily accumulated PEPE and other Ether-based tokens. As the spot Ether ETF goes live, similar accumulation in PEPE is anticipated, potentially driving its price even higher.
Return of Bulls and Future Expectations
Data also indicates the return of bulls, with long positions in PEPE outnumbering short positions. This shift suggests that bears are exhausted and market sentiment is turning bullish.
Challenges for Other Memecoins
While PEPE has been thriving, other top meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) have struggled to gain momentum. In the last 24 hours, DOGE, SHIB, and FLOKI have seen price drops of 1.2%, 0.8%, and 1.1% respectively. Additionally, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also declined by 0.8% and 1.9% respectively in the same period.
