- Pepe (PEPE) coin, a meme cryptocurrency, has experienced a 23% surge in value within the last 24 hours, riding the wave of a broader meme coin rally.
- This price jump follows the U.S. SEC’s landmark approval of Bitcoin ETFs, boosting overall market sentiment and confidence.
In a remarkable display of market dynamics, Pepe (PEPE) coin, inspired by the widely recognized internet frog meme, has witnessed a 23% surge in its value over the last 24 hours. This significant rise is part of a larger upswing in the meme coin sector, which has been buoyed by the recent groundbreaking approval of the first Bitcoin exchange-traded fund (ETF) in the United States.
Meme Coins Rally in Wake of Bitcoin ETF Approval
The U.S. Securities and Exchange Commission’s (SEC) approval of Bitcoin ETFs has been a pivotal moment for the cryptocurrency industry. This decision, which came after more than a decade of anticipation, has had a ripple effect across the entire crypto market, uplifting the sentiment and confidence of investors.
Renowned firms like ARK Investments, BlackRock, and Fidelity received the green light for their Bitcoin ETF applications, marking a significant milestone for mainstream adoption and recognition of Bitcoin and other digital currencies.
PEPE’s Market Performance and Prospects
In the wake of these developments, Bitcoin briefly surpassed the $47,000 mark, while the total market capitalization of all cryptocurrencies saw a nearly 5% increase. Within this bullish context, Pepe coin has demonstrated a notable performance.
Pepe’s price action started its upward trajectory around January 8, finding support at $0.000001. At the time of writing, PEPE has slightly pulled back from its intraday high but still maintains a 15% gain in the last 24 hours, trading at $0.000001442. If this positive trend continues, PEPE could mark its fourth consecutive day of gains.
— Ali (@ali_charts) January 11, 2024
Crypto analyst Ali has identified a potential trend pattern for PEPE, noting that the coin appears to be breaking out from a descending parallel channel. This observation suggests that PEPE could advance towards targets of $0.0000016 or even $0.0000019, indicating a possible continuation of its bullish momentum.
The recent performance of Pepe coin, alongside the overall upliftment in the meme coin sector, underscores the growing influence of broader market developments on niche cryptocurrency segments. As the crypto market continues to evolve, meme coins like Pepe are increasingly becoming a significant part of the conversation, reflecting both their popularity and potential for rapid value shifts.