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Pepe (PEPE) Soars 23% as Meme Coins Rally in Wake of Bitcoin ETF

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Thu, 11/01/2024 - 11:30
Pepe (PEPE) Soars 23% as Meme Coins Rally in Wake of Bitcoin ETF
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Pepe (PEPE), a meme coin inspired by the popular internet frog, has soared 23% in the last 24 hours. The rise is part of a broader rally of meme coins, which have been surging in the wake of the approval of the first Bitcoin exchange-traded fund (ETF) in the U.S.

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The U.S. Securities and Exchange Commission (SEC) on Wednesday approved exchange-traded funds (ETFs) that track the price of Bitcoin, which is a game-changer for the cryptocurrency industry, which has been trying to launch such a product for more than a decade.

The SEC approved applications from ARK Investments, BlackRock and Fidelity, among others, on Wednesday.

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The launch of the Bitcoin ETF has boosted the sentiment and confidence of the entire crypto market since it signals a watershed moment for the mainstream adoption and recognition of Bitcoin and other digital assets.

Bitcoin surpassed $47,000 briefly after the news of the approval emerged, while the overall market capitalization of all cryptocurrencies surged by nearly 5% in the last 24 hours.

PEPE price action

Pepe charged higher in today's trading session, continuing a broader jump that began on Jan. 8 after support was met at $0.000001.

At the time of writing, PEPE had relinquished some of its intraday gains but was still up 15% in the last 24 hours to $0.000001442. PEPE has gained 17% in the last 24 hours. If the market closes in the green today, PEPE will have gained for the fourth day in a row.

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During the ascent, PEPE recovered above the daily MA 50 level at $0.00000131, indicating the possibility of an upside move if sustained.

Crypto analyst Ali spots a trend pattern for PEPE  that could lead to additional rises. Ali noted that PEPE appears to be breaking out from a descending parallel channel, which suggests PEPE could advance toward $0.0000016 or even $0.0000019.

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