Why Pepe broke ATH Price
PEPE is ablaze. This Ethereum-based meme cryptocurrency soared to a record-breaking high of $0.00001422 on May 22nd, marking a remarkable 26% increase within a single day.
The anticipation around the potential introduction of a spot Ether ETF has ignited excitement and upward price movements, especially among meme cryptocurrencies like PEPE, as the market looks forward to its possible effects.
PEPE at the Forefront of the Meme Coin Revival
This surge appears to be driven by optimistic regulatory updates that boost the chances of a spot Ether ETF gaining approval. Such an ETF would simplify the process of Ethereum investment for institutional investors.
Collectively, the meme cryptocurrency segment has achieved a staggering market capitalization near $61 billion, with the daily trading volumes crossing $13 billion.
PEPE, in particular, has outperformed many in this latest bullish trend, recording a new peak price after skyrocketing nearly 120% over the previous month. Analysts predict that PEPE's worth could continue to ascend – potentially doubling or tripling – in the upcoming weeks.
Other meme coins, like Milady Meme Coin (LADYS), also saw remarkable upticks of about 20% in the last day. Concurrently, BONK and FLOKI experienced increases of 5.28% and 11.50%, respectively.
The original meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), experienced slight increases of 2.60% and 2.28% over the same timeframe.
The Current State of the Spot Ethereum ETF
The crypto community is keeping a keen eye on the Ethereum ecosystem alongside the wider digital currency market due to the recent regulatory changes that have led to speculation about the Securities and Exchange Commission (SEC) potentially approving a spot Ether ETF.
The SEC’s call for updates to exchanges' 19b-4 filings, which are requests for rule amendments, hints at progress towards the authorization of a spot Ether ETF. This potential development is boosting prices, as such an offering would likely attract more institutional investment and facilitate broader mainstream acceptance.
Nevertheless, despite these advancements, there's still a chance the SEC might disapprove the S-1 registration statement, thereby postponing the approval and trading debut of the ETF.
