PEPE’s open interest rose by 10% in the last 24 hours, and analysts hint at an upcoming bull rally in the coming days.
- 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.
In this bearish market sentiment, Pepe [PEPE] has emerged as a top ETH-based altcoin as it gains an impressive price surge.
Following a massive $107 million inflow into Ethereum Exchange-Traded Funds (ETFs), crypto investors have turned their attention to PEPE, driving its open interest and price upwards impressively.
According to CoinMarketCap, on 24th July, PEPE noted a price surge of over 6%, and its trading volume also rose by 40%. The increase in both price and trading volume in this challenging market signals strong confidence from investors and traders in PEPE.
Bullish outlook for PEPE, says analyst
A research analyst shared an insight suggesting that PEPE could experience a significant rise in the coming days.
In addition to this prediction, analysts have also shared a PEPE chart showing that after a 60-candle period of consolidation, PEPE tends to experience a major rally.
This time pattern is expected to repeat, providing further optimism for investors.
Moreover, participation and interest in PEPE continue to increase. According to the on-chain analytic firm Coinglass, PEPE’s open interest (OI) has risen by 10% in the last 24 hours.
This surge in OI indicates a strong bullish sign, highlighting the strong market sentiment in favor of PEPE.
On 23rd May, 2024, when the Securities and Exchange Commission (SEC) approved the spot Ether ETF, whales and investors heavily accumulated PEPE and other Ether-based tokens.
As the spot Ether ETF goes live, we may see a similar accumulation in PEPE, further driving its price upwards.
Return of bulls and upcoming expectation
Additionally, CoinGlas data also signals the return of bulls, as long positions in PEPE are comparably higher than short positions. This comparison shows that bears are exhausted, and the market sentiment is shifting towards a bullish outlook.
Source: CoinGlass
Struggles for other memecoins
Apart from PEPE, top meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI) and many others have been struggling to gain momentum.
According to Coinmarketcap, in the last 24 hours, DOGE, SHIB, and FLOKI have experienced a price drop of 1.2%, 0.8%, and 1.1% respectively.
Additionally, top crypto assets including Bitcoin (BTC) and Ethereum (ETH) are also down by 0.8% and 1.9% respectively, in the last 24 hours.
Take a Survey: Chance to Win $500 USDT
Next: Ethereum ETFs halt Bitcoin ETF dominance! What it means for you
Source
