PEPE’s Potential Moonshot Linked to Ethereum ETFs Appreciation
Spot Ethereum ETFs have recently received approval in the United States, marking a significant development that is poised to reshape institutional interest in the largest altcoin globally. This approval is also anticipated to have an impact on the market values of memecoins such as PEPE.
Drawing parallels with Bitcoin, the approval of a Spot Bitcoin ETF led to a surge in the cryptocurrency’s price to its latest all-time high, subsequently influencing other cryptocurrencies, including altcoins and memecoins. Within just 30 days of the approval of Spot bitcoin exchange-traded funds (ETFs), daily net inflows reached approximately $125 million, setting a positive trajectory for Bitcoin’s performance in the following months.
PEPE, a memecoin, experienced a notable surge of 86.56% within a week of the Spot BTC ETF approval. A similar trend is expected with the commencement of trading for Spot Ethereum ETFs, especially considering the high correlation between the altcoin and memecoins like PEPE. Currently, PEPE is consolidating post a breakout from its bullish flag pattern, suggesting a potential bullish continuation in the near future.
The price of PEPE has found strong support at $0.0000015, with multiple rejections indicating a possible setup for a bullish rally. Notably, PEPE follows a seasonal trend of consolidation followed by a significant breakout and price rally. With its recent breakout from a bullish flag, a substantial price rally could be on the horizon.
Analysis of IntoTheBlock data by AMBCrypto revealed a decrease in the number of large transactions for PEPE, potentially signaling an impending significant price movement. Additionally, liquidity level data from Coinglass indicated a balanced market with a slight advantage for bulls. This sentiment has led investors to anticipate a price hike for PEPE in the short term, enhancing the likelihood of a potential rally.
In conclusion, the current market dynamics suggest a positive outlook for PEPE and other memecoins closely associated with ETH. As Spot ETH ETFs enter the trading landscape, a rally is expected in the near term, although the duration of this rally remains uncertain. Time will ultimately reveal the extent and duration of the anticipated rally for PEPE and other correlated memecoins.