Good news comes from the crypto world, especially for memecoin enthusiasts. PEPE, an Ethereum-based memecoin, has just reached a new All-Time High (ATH) at the $0.00001422 level on May 22, 2024.
The PEPE nick is inseparable from the news that regulators in the United States may approve an ether spot ETF (Exchange-Traded Fund) in the near future. This move is a bullish signal for many memecoins, which also jumped significantly.
Memecoin Prices Soar
Some well-known memecoins on the Ethereum blockchain saw their prices rise between 5% and 30% on Tuesday. This comes after the United States Securities and Exchange Commission (SEC) reportedly asked at least three securities exchanges to update their applications regarding the listing of ether spot ETFs.
PEPE stands out as one of the most prominent with a price increase of 26.19% in the last 24 hours. The Block's price page shows that PEPE rose 16% in the period. In addition, LADYS jumped about 28% and DOGE rose about 6%. Not to forget, ETH also increased by around 4.6% to $3,746.93 (around Rp55,303,950) in the same period.
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Impact of Ether Spot ETFs
While it is not yet clear whether regulators will approve an ether spot ETF, the market's response to the latest moves from issuers and securities exchanges shows optimism. The first deadline for spot ether ETF proposals is May 23, with proposals from VanEck set to be the first to be examined. Despite this uncertainty, the market appears to be responding positively to preparations made by issuers and securities exchanges.
Fidelity Investments, for example, just amended their S-1 registration with regulators on Tuesday morning. In an updated statement, the prospective issuer removed language about ether staking from its app. Grayscale Investments also followed a similar step by removing the staking proposal in their ether spot ETF proposal.
PEPE and Its Influence on the Market
PEPE, which was originally thought of as a memecoin without much fundamental value, now shows great potential in the market. The significant price increase in recent days indicates that there is increasing interest from investors.
According to data from CoinMarketCap, PEPE's trading volume in the last 24 hours reached more than $150 million (around Rp2.21 trillion). This shows that interest in these memecoins is growing, especially amid the bullish sentiment that has hit the crypto market.
How to Buy Crypto:
Domino Effect in Crypto Market
The rise of PEPE and other memecoins provided a domino effect in the crypto market. Many investors are starting to look at other digital assets in hopes of getting similar profits. For example, DOGE, which has long been a favorite among crypto enthusiasts, also saw significant gains.
DOGE's trading volume reached more than $1 billion (around Rp14.75 trillion) in the last 24 hours, indicating that interest in this memecoin is still very high. In addition, the increase in the price of ETH as the base currency of most memecoins has also had a positive impact.
With the price of ETH reaching $3,746.93 (approximately Rp55,303,950), many projects on the Ethereum network are getting positive sentiment from investors. This is not only beneficial for ETH holders, but also for the entire growing Ethereum ecosystem.
PEPE Price Today
Meme coin PEPE has seen a positive increase in terms of its value. At the time of writing, on Wednesday 22/05/2024, PEPE was trading at IDR 0.2168 per token. Based on data monitoring from Bittime, PEPE's price performance has increased significantly by 22.83% in the last 25 hours.
Source: Bittime
Conclusion
PEPE has proven that memecoins cannot be underestimated in the crypto market. The significant price increase and optimism towards the approval of an ether spot ETF indicate that the potential of memecoins is still very large.
With these latest developments, crypto investors around the world are now paying more attention to PEPE and other memecoins as part of their investment portfolios. The future of the crypto market looks bright, and PEPE is poised to keep going to higher heights.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
5 Best Cheap Cryptos Under 1 Dollar for Investment, There's ENA!
Ethereum (ETH) Price Prediction According to CoinMarketCap: Break $3,700 and Trade at $3,650
Pepe (PEPE) Price Predictions This Week (22 - 28 May 2024)
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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