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PEPE Price Hits Another ATH As Ethereum ETF Frenzy Weighs In

PEPE price peak isn’t here yet, as the meme coin rose to yet another all-time high on Monday, hitting 0.0000166 in the intraday session after gaining 3.33 percent.  That brings PEPE’s gains to 148 percent in May, and 75.5 percent in the last week.  The frog-themed meme token has sustained its rise in line with the wider upsurge in the Ethereum ecosystem following the approval of eight ETH ETFs by the Securities Exchange Commission (SEC) last week.

Altcoins have had a better show than Bitcoin in the last week, with BTC failing to secure its place above the $70k mark. Meanwhile, Ethereum’s ETF-fueled rally has seen it rise by over 25 percent in the last week. In comparison, Bitcoin has only gained 1.8 percent during that period. Ethereum’s large ecosystem has been a boon for meme coins in its ecosystem. MOG Coin, a cat-themed meme coin within that ecosystem, has risen by 170 percent in the last week and is up by 69 percent in the last 24 hours as of this writing.

For PEPE, however, the upsurge goes back before Ethereum ETF hype, and it has gained about 30,000 percent since launch and is up by 1,085 percent year-to-date. This points to a supportive community and the changing trends in investor perceptions toward meme coins. While these assets were previously criticized for their lack of intrinsic value/utility, they have proven their worth as in as far as ROI goes by beating utility-based tokens. Notably, PEPE briefly displaced Polygon (MATIC) in market capitalization rankings on Monday as it hit ATH before easing down to the 19th position.

Technical analysis

The momentum on PEPE favours a continuation of the uptrend, and the buyers will likely stay in control if the price action stays above 0.0000163. If they maintain that control, the momentum could break the resistance at 0.0000167 and potentially test 0.0000172. Otherwise, a break below 0.0000163 will signal control by the sellers, with the first support likely to be at 0.0000159. An extension of control by the sellers will likely break the support and invalidate the upward narrative. Furthermore, the resulting momentum could extend the losses to test 0.0000154.