Frog-Inspired Memecoin PEPE, Seen as ‘ETH Beta,’ Climbs to All-Time High

PEPE, a frog-inspired memecoin, reached an all-time high price of $0.00001454 on May 23, 2024, with a market cap of $5.79 billion, as traders view it as a leveraged bet on ETH. CoinGecko data cited in the article shows PEPE up over 40% in seven days and 3.2% in 24 hours, while the total crypto market cap fell 3.2%. Lookonchain reported one whale withdrew about $8.2 million of PEPE from Binance on Wednesday, and Nansen data showed "smart money" wallets with net inflows of about $444,000 over 24 hours. The gains came as expectations rose for a spot ether ETF approval, after Bloomberg analysts raised their odds from 25% to 75%.