Pepe rides the Bitcoin ETF wave; prices jump by 5%
- Pepe leaps in excitement with over 5% increase.
- Volume has also increased to its highest in five days.
Following the false approval news of a Bitcoin [BTC] ETF, certain altcoins, including Pepe, experienced a positive impact. Pepe demonstrated a favorable trend, offering a glimpse into the potential influence of the BTC development.
Pepe gains from BTC’s fake approval news
Per a recent Santiment post, certain altcoins experienced a surge in response to the spot ETF approval news initially posted on the SEC’s X handle (previously Twitter).
The announcement led to an initial rise in the BTC price, which was later reversed as the news was confirmed to be false.
According to Santiment’s chart, Pepe maintained its value. At the same time, BTC declined, and Ethereum and Lido were among the other altcoins that benefited from the overall rise.
How PEPE trended
Analyzing Pepe’s two-hour timeframe between 9th and 10th January showed notable price movements.
Initially, on 9th January, there was a decline, but as the day progressed, the chart indicated a gradual increase. This upward trend continued into the early hours of 10th January, showing close to a 6% gain within the two-hour timeframe.
By the end of 9th January, the daily timeframe displayed a 0.84% increase. Pepe was trading with over a 5% gain as of this writing.
Additionally, the two-hour timeframe indicated a shift into a bull trend, as suggested by its Relative Strength Index (RSI).
However, on a longer timeframe, Pepe had not fully entered a bull trend, though there was improvement. Currently, its RSI is close to the neutral line and could cross above it if the upward trend persists.
Pepe sees more volume
An examination of Pepe’s volume on Santiment showed a recent slight uptrend. This increase in volume suggests heightened trading activity in response to observed price changes.
Over the last five days, the trade volume remained below $100, but as of this writing, it was over $129 million.
How much are 1,10,100 PEPEs worth today
According to CoinMarketCap data, there has been an almost 40% increase in volume in the last 24 hours. Additionally, the market cap has risen by nearly 1%, attributed to the recent uptick in price.
The positive correlation between price movement and increased volume suggests that altcoins like Pepe stand to benefit from shifts in Bitcoin’s price, particularly in the event of approval for its spot ETF.