Meme Coin Mania: Pepe (PEPE) Outperforms Dogecoin and Shiba Inu

• PEPE price rose by 24.83% amid a crypto market downturn, trading at $0.0000120.
• The spike in Ethereum prices following spot ETH ETF approval contributed to PEPE’s rise.
• PEPE’s 24-hour trading volume jumped by 98% to $2.18 billion, showing growing investor interest.

The Pepe (PEPE) price has defied expectations during the current crypto market downturn, experiencing a substantial price increase today.

As of press time, PEPE was trading at $0.00001259, marking a 24-hour surge of 24.83%.

Source: Coinmarketcap

This surge may be attributed, in part, to Ethereum’s price spike following the preliminary approval of spot ETH ETFs. Pepe’s 24-hour trading volume jumped by 98% to $2.18 billion, signaling heightened investor interest. Given these trends, some analysts predict further gains for PEPE, should market sentiment remain strong.

Pepe has consistently been one of the most active meme coins on the Ethereum blockchain. Previously, when spot Ethereum ETF 19b-4 applications were granted, Pepe’s price rose by 56%. With ETF trading expected to resume on July 23rd, Pepe’s upward trajectory may continue.

Furthermore, Coinalyze data reveals that PEPE aggregated Futures Open Interest (OI) across exchanges increased by 26.89% in the previous 24 hours. This indicates a surge in investor interest as traders rush to buy the meme coin, anticipating further gains.

Notably, PEPE trades above its 200-day simple moving average and 200-day exponential moving averages. This demonstrates that Pepe has maintained its higher price levels despite the recent Bitcoin sell-off.

Moreover, Pepe has outperformed popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), defying the prevailing negative sentiment in the broader market. Pepe’s primary metrics suggest a strong positive outlook, and a significant surge may be on the horizon.