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.
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.
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.
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.