New speculation has been re-triggered by news that a spot Ethereum ETF will be approved tomorrow in the United States. On the other hand, in the midst of the altcoin craze, pepe coin has seen significant retail interest. Over the last 24 hours, Pepe’s price has surpassed Dogwifhat (WIF), the third most valuable meme coin by market cap, with an increase of over 25%.
At the time of writing this news, Pepe’s average daily trading volume was recorded at approximately $3 billion and dogecoin(DOGE)’s transaction volume of approximately $2.58 billion.
What Takes Pepe Coin to New Heights?
The meme coin industry has been greatly boosted by the ongoing crypto bull run. According to the latest crypto data, the meme coin industry is worth approximately $62 billion, with an average daily trading volume of approximately $10 billion.
The significant increase in Pepe reaching its all-time high is primarily based on high liquidity in WETH (Wrapped Ethereum) at over $60 million. This allows whale and retail traders to trade Pepe seamlessly without having problems with liquidity.
The most striking point is that the Ethereum ecosystem has reached a turning point that will be disturbed by the final decision to be taken tomorrow regarding the spot ETH ETF in the United States. The cash rotation from Bitcoin to Ethereum has significantly supported ETH-based altcoins, as demonstrated by the reversal in the ETH/BTC pair and BTC dominance.
On the other hand
While Pepe demand has skyrocketed over the past few days, Lookonchain’s data found that early investors have been heavily liquidating Pepe. For example, a single trader deposited more than 201 billion Pepes worth approximately $2.83 million on the Bybit exchange in the last 24 hours.
In addition, another early stage Pepe investor, who turned $ 462 into $ 3.4 million, deposited more than 182 billion Pepe into Binance in the last 24 hours.
Meanwhile, BlockTower capital earned over half a million dollars by purchasing 202 billion Pepe from Cumberland a week ago.
