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July 24, 2024 by Aishwarya shashikumar
PEPE investors take note: The United States has approved Spot Ethereum ETFs, marking a significant milestone that could reshape institutional interest in Ethereum, the world’s largest altcoin. This approval is expected to impact the market values of meme coins like PEPE as well.
Bitcoin’s example is noteworthy. When the Spot Bitcoin ETF was approved, Bitcoin reached a new all-time high (ATH) within weeks. This surge positively influenced other cryptocurrencies, including altcoins and meme coins.
In just 30 days, Spot Bitcoin ETFs saw daily net inflows of about $125 million, a positive precursor to the impressive figures that followed for Bitcoin. PEPE, a memecoin, benefited as well. Investors were thrilled as PEPE surged by 86.56% in just 7 days after the Spot Bitcoin ETF’s approval. A similar trend can be expected with Spot Ethereum ETFs, perhaps more so since Ethereum is highly correlated to PEPE.
At the time of writing, the frog token was consolidating after breaking out from its bullish flag on the charts. This consolidation often indicates that a bullish continuation may be on the horizon.
The $0.0000015 level seems to be acting as strong support level for the token. The memecoin has rejected this level several times, suggesting it may set the stage for a potential bullish rally.
PEPE has a seasonal trend that starts with a consolidation phase followed by an impressive breakout and price rally. Since the price recently broke out of a bullish flag, a significant price rally may be imminent.
PEPE’s Market Action
According to IntoTheBlock data, there has been a noticeable drop in the number of large transactions involving PEPE, from 179 to 129 over the past week. In the last 24 hours alone, this figure decreased by 27.93%.
Such a significant drop in the number of large market players often precedes major price movements. Additionally, Coinglass liquidity level data shows a balanced market with bulls having a slight leverage, bolstering the anticipation of a short-term price hike for PEPE.
Investors are now eagerly anticipating a potential rally, supported by the recent breakout from the bullish flag and the strong support level at $0.0000015. As the market adjusts to the new Spot Ethereum ETFs, PEPE could see another significant surge, following its historical trend of seasonal consolidation and subsequent impressive breakouts
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