PEPE has reached new all-time highs following regulatory approval for Ethereum spot ETFs in the United States.
The PEPE memecoin, an ERC-20 token based on the Ethereum blockchain, is back in the spotlight in the crypto market, setting a new all-time high (ATH) price on May 27.
PEPE has become One of the big winners in the crypto market following regulatory approval of Ethereum spot ETFs in the US market, rising more than 48% in the last week.
According to data from CoinMarketCap, the PEPE price reached a value of $0,00001718 on Monday, marking a new price record in its history. With this value, the memecoin, which was launched in April 2023 as a tribute to Matt Furie's Pepe the Frog internet meme, has quickly become one of the most popular cryptocurrencies on the market, reaching #19 in the Top 100 Cryptocurrencies, with a market capitalization of over $7.000 billion.
Source: CoinMarketCap
PEPE becomes the 3rd memecoin on the market
The price surge and the establishment of a new all-time high for PEPE has sparked a frenzy among cryptocurrency traders, who have traded over $2.600 billion worth of the digital asset in the past 24 hours. In addition to this, the memecoin has also conquered the third place as the meme coin most important in the crypto market, ranking behind Dogecoin and Shiba Inu in this ranking.
In the last year, PEPE has managed to advance 25 places in the ranking of the most capitalized cryptocurrencies, after experiencing an increase of almost 1.000% since May 2023.
Source: CoinMarketCap
PEPE’s popularity was boosted by the power of internet meme culture, the coin’s listing on various exchange platforms, and the massive enthusiasm of crypto market users and degens for this digital asset. All of this led the frog-inspired memecoin to quickly become one of the most in-demand and interesting crypto assets among users and investors in the crypto ecosystem.
Opportunities and risks
Memecoins have become a kind of fad and culture that has attracted many to the crypto industry, so much so that investment fund giant Franklin Templeton acknowledged in a note to its investors that the unique nature of these digital currencies can help connect users with the potential of the blockchain and cryptocurrency ecosystem and provide investors and holders with opportunities for quick profits.
However, despite its current popularity and growth, experts also warn about Price volatility and lack of inherent utility in this type of digital assets, which could affect their holders and investors.
At the time of writing this article, the PEPE price The memecoin has fallen by nearly 5% from its new all-time high, trading at around $0,00001621 per unit, according to data from CoinMarketCap. Furthermore, cryptocurrency analyst Yashu Gola believes that the memecoin’s price is close to experiencing a further correction, due to the divergence between its recent price surge and the declining daily relative strength index (RSI). According to the crypto analyst, PEPE’s daily RSI is above 70, which typically precedes a period of price reversal or consolidation.
In addition to PEPE, other cryptocurrencies based on the Ethereum blockchain also benefited from the SEC's favorable regulatory action regarding ETH spot ETFs, which could begin trading on US stock exchanges in mid-June.
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