PEPE Reaches New All-Time High

Ethereum-based memecoin PEPE has surged 27% to a new all-time high over the past 24 hours, driven by speculation around the potential approval of spot Ether exchange-traded funds (ETF) in the United States. The surge is driven by the expectation that the U.S. Securities and Exchange Commission (SEC) will approve spot Ether ETFs by a May 23 deadline. PEPE is currently trading at $0.00001280, up 23.48% over the past 24 hours.

PEPE's open interest (OI), which measures the total value of all outstanding PEPE futures contracts across crypto exchanges, rose 40% to $172.96 million over the past 24 hours. This rise usually indicates traders are more confident entering future positions on a cryptocurrency, with a significant number in long positions. PEPE's price spike over the past 24 hours saw $6 million in short positions liquidated, and if PEPE's price drops 6%, it would liquidate $10 million in long positions.

With a Relative Strength Index (RSI) of 68.87 PEPE is set for a trend reversal in the near term traders ought to be cautious consolidation is looming ahead.