In a market struggling with bearish sentiment, Pepe (PEPE) has emerged as a standout among Ethereum-based altcoins. On July 24, 2024, PEPE’s price surged by over 6%, and its trading volume skyrocketed by 40%. This impressive performance comes in the wake of a significant $107 million inflow into Ethereum Exchange-Traded Funds (ETFs), which has shifted investor focus towards PEPE.
Investors bullish on PEPE
This recent price and volume increase signals a strong shift in market confidence. CoinMarketCap’s data indicates that despite the overall bearish trend, investors are showing renewed interest in PEPE. The surge is particularly noteworthy given the broader market conditions and highlights a growing optimism about the token’s potential.
Research analysts have weighed in with optimistic predictions for PEPE. Historical patterns suggest that after a period of consolidation—currently observed in a 60-candle pattern—PEPE often experiences a significant rally. Analysts believe that this pattern is likely to repeat, which could lead to further gains in the near future.
PEPE open interest soars
The rise in PEPE’s open interest (OI) further supports the bullish outlook. According to Coinglass, OI for PEPE has increased by 10% in just the past four hours. This sharp rise in OI indicates that more traders are taking long positions in PEPE, reinforcing the positive market sentiment. Additionally, the launch of the spot Ether ETF on May 23, 2024, led to a substantial accumulation of Ether-based tokens, including PEPE. As the ETF gains traction, similar accumulation trends could further drive PEPE’s price upwards.
CoinGlass data also highlights that long positions in PEPE currently outnumber short positions, suggesting a shift from bearish to bullish sentiment. This shift is a strong indicator that market participants are increasingly confident in PEPE’s future performance.
In contrast to PEPE’s positive movement, other top meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) are struggling. Over the past 24 hours, DOGE, SHIB, and FLOKI have experienced price drops of 1.2%, 0.8%, and 1.1%, respectively. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also faced declines, with losses of 0.8% and 1.9%, respectively.
As the market continues to navigate through these fluctuations, PEPE’s impressive performance offers a glimmer of hope and could potentially set the stage for a broader recovery in the altcoin sector. Investors will be keenly watching to see if PEPE can sustain its upward momentum and capitalize on the shifting market dynamics.
