Canary Capital's PEPE ETF Approval Could Send Prices Soaring
PEPE took a sharp 11% haircut on September 24 after its blistering 45% weekly surge ran into macro headwinds. The token's price plummeted to ~$0.00000441, but with Canary Capital's spot PEPE ETF due for approval by early December, some analysts believe this could be a buying opportunity.
The meme-coin's sharp rise was largely fueled by a $919 million short-liquidation cascade across the crypto market, with Bitcoin surging 7.2% to $86,965 and amplifying PEPE's move by a factor of three. However, as Bitcoin pulled back below $84,000, rattled by hotter-than-expected US composite and services PMI data, PEPE absorbed the macro spillover at triple speed.
Despite its technical picture being messy but not broken, momentum has cooled sharply from the overbought extremes hit during the surge. The 4-hour RSI had reached as high as 82 during the September 21-22 rise, a reading that historically precedes short-term reversals in high-beta assets.
The key line in the sand is $0.00000430, which corresponds to both the immediate support on the 1-hour chart and the broader breakout zone that PEPE cleared earlier this month. Holding here would be structurally constructive. Below that, the CoinGabbar chart shows $0.00000399 as the next meaningful cluster.
On-chain data shows whale wallets have been accumulating PEPE for months, with approximately $7.5 million purchased near the $0.00000027 demand zone in early July. This accumulation is seen as a buying signal rather than distribution.