The reasons for the growth of the PEPE cryptocurrency to a new historical high have become known

Over the past 24 hours, the Ethereum-based Pepe memecoin (PEPE) has surged 27% to a new all-time high. This was due to speculation around the potential approval of a spot ETH.

«PEPE is probably the best memecoin play for an ETH-ETF,» wrote crypto trader Matthew Hyland in his post on May 21.

Over the past two days, ethereum has risen by 23.28% to $ 3785 amid renewed hopes that the Securities and Exchange Commission will approve ethereum exchange-traded funds by May 23.

Crypto trader Plazma believes that PEPE’s uptrend will continue, but expects short periods of volatility along the way. «PEPE's price discovery should continue over the next few weeks with some breaks of a few days and pullbacks. We will be at 2x-3x in just a few weeks,» he wrote in a May 21 post.

Meanwhile, according to CoinGlass, the open interest (OI) in PEPE, which measures the total value of all PEPE futures contracts on cryptocurrency exchanges, has increased by 40% to $ 172.96 million over the past 24 hours.

An increase in OI usually indicates that traders are more confident in opening futures positions in cryptocurrencies, and the data shows that a significant number of traders have long positions. The jump in the PEPE price over the past 24 hours has led to the liquidation of $ 6 million worth of short positions. If the PEPE price falls by 6%, this will lead to the liquidation of $ 10 million worth of long positions.