Memecoin PEPE continues to surge, driven by the Republican victory and the broader market rebound, after major cryptocurrency exchanges announced plans to list the token, with weekly gains exceeding those of Dogecoin (DOGE).
The news of Pepe’s listing triggered an immediate market reaction. In just a few hours, the market value of the token soared to over $10 billion, while the market value of Dogecoin reached $56 billion.
Pepe’s value surged after two major U.S. exchanges, Robinhood and Coinbase, announced listings, giving the token a whole new level of visibility and sparking a flood of retail interest.
Dogecoin’s trading volume reached $28 billion in 24 hours. Meanwhile, Pepe reached $24 billion in trading volume in just a few hours after the announcement.
Looking at weekly performance, Doge is up 104%, while the frog-themed meme currency is up about 131% over the same period.
Pepe hit a new all-time high of $0.00002299 on Wednesday, surpassing the previous high set in May, according to data from Coingecko. As a result, Pepe has entered the top 20 cryptocurrencies by market capitalization for the first time.
The frog-themed meme coin’s surge follows in the footsteps of Dogecoin (DOGE), which has experienced explosive growth since the U.S. election in November last year.
Dogecoin has risen to new highs amid a market rally, topping out at $0.40, a price not seen since 2021. The memecoin briefly caught a ride with Tesla CEO Elon Musk during President-elect Donald Trump’s campaign, sparking a broader memecoin rally.
Coinbase’s announcement comes after nearly 18 months of community requests, making Pepe the fourth meme coin on the platform after Dogecoin, Shiba Inu (SHIB), and Bonk.
Crypto analysts are now pulling out their crystal balls, claiming that despite Pepe’s slow start in the first few days after the election, it could follow Dogecoin’s trajectory.
“The breakout for Pepe starts now,” Daan de Rover, founder of automated crypto trading platform CryptoSea, said on X on Wednesday, noting that the token could surge another 900%.
The interest in meme coins is far from over, and as the hype for meme coins expands beyond Pepe and Dogecoin, new players are challenging the old ones. Binance recently listed Solana-based meme coins ACT and PNUT, which have surged by as much as 1,300%.
Pepe was launched in April 2023 and is based on the iconic internet meme “Pepe the Frog” created by Matt Furie in 2005. The token launched without much fanfare but has gradually built a strong community.
