Pepe surprised the crypto world by rising a lot despite the current market downturn.
Who let the frogs out?
Pepe’s price jumped to $0.00001259, marking a 24-hour increase of 24.83%. Many thinks this spike might be linked to Ethereum’s price jump after the preliminary approval of spot ETH ETFs.
Pepe’s 24-hour trading volume also rose by 98% to $2.18 billion, showing growing interest.
Funny money
Pepe remains one of the most active memecoins on the Ethereum blockchain. When spot Ethereum ETF applications were previously approved, Pepe’s price jumped by 56%.
No one knows why, but this happened. With ETF trading set to resume on July 23rd, Pepe’s price might keep climbing.
Data from Coinalyze shows that PEPE’s Futures Open Interest across exchanges grew by 26.89% in the past 24 hours, indicating a rush of traders buying the coin in hopes of more profits.
Pepe now is trading above its 200-day simple moving average and 200-day exponential moving average, maintaining higher price levels despite a recent Bitcoin sell-off.
Pepe also outperformed other popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), defying the overall negative market sentiment.
Key metrics suggest a strong positive outlook for Pepe, hinting at a potential surge soon.
Expensive joke
It’s worth to remember that memecoins like Pepe are driven by fun and hype, not by real-world use cases.
Their prices are often based on community buzz and speculation. This means while they can be entertaining and potentially profitable, they also involve real money and real risks.
Many speculators have lost everything on failed memecoins, because for every successful token, there are 1000 fallen.
