The value of Pepe (PEPE), a meme coin based on the well-known online frog, has increased by 23% in the past day. The gain is part of a larger rally of meme currencies, which have been climbing in the aftermath of the approval of the first Bitcoin exchange-traded fund (ETF) in the U.S.
Exchange-traded funds (ETFs) that follow the price of Bitcoin were authorised by the U.S. Securities and Exchange Commission (SEC) on Wednesday. This is a significant development for the cryptocurrency sector, which has been attempting to introduce such a product for over ten years.
On Wednesday, the SEC authorised petitions from Fidelity, BlackRock, and ARK Investments, among others.
Since the introduction of the Bitcoin ETF heralds a turning point in the popular acceptance and acknowledgment of Bitcoin and other digital assets, it has elevated the mood and confidence of the whole cryptocurrency market.
Following the announcement of the permission, the price of Bitcoin momentarily crossed $47,000, and in the previous day, the total market value of all cryptocurrencies increased by about 5%.
PEPE price action
Pepe surged higher during today’s trading session, carrying on a larger increase that started on January 8 when support at $0.000001 was reached.
https://x.com/ali_charts/status/1745365309664460981?s=20
PEPE had given up some of its intraday gains as of this writing, but it had still increased by 15% over the previous day to $0.000001442. In the past day, PEPE has increased by 17%. PEPE will have climbed for the fourth straight day if the market ends the day higher.
PEPE rebounded above the daily MA 50 level at $0.00000131 during the rise, suggesting that, if sustained, there may be an upward move.
Ali, a cryptocurrency specialist, has identified a PEPE trend pattern that may result in more increases. According to Ali, PEPE looks to be emerging from a parallel channel that is dropping, indicating that it may go closer to $0.0000016 or perhaps $0.0000019.
