Pepe (PEPE), the largest memecoin on Ethereum by market capitalization, has been on a recovery streak since November 5. PEPE has increased by about 230% from its November 5 low of around $0.0000078, bringing its price to an all-time high of $0.00002597 on November 14.
Data from TradingView shows PEPE is trading at $0.00002093, up 15% in the last 24 hours and up 104% in the last seven days.
PEPE/USDT Daily Chart | Source: TradingView
PEPE's trading volume jumped 124% in the past 24 hours to $19.6 billion, and its market capitalization also surged, hitting $10.2 billion on November 14 before correcting to its current level of $8.8 billion.
Let's analyze the factors that have driven PEPE's price rally over the past week.
PEPE Price Rises on Coinbase and Robinhood Listings
PEPE’s performance comes as several major cryptocurrency exchanges have listed the memecoin. On November 13, Robinhood Crypto announced that Pepe, Solana (SOL), Cardano (ADA), and XRP would be available to customers in the United States. Shortly after, Coinbase also announced that it would list PEPE on November 13. Coinbase is the largest cryptocurrency exchange in the United States and the third largest in the world by trading volume, so the listing there is expected to push PEPE’s price even higher.
Similarly, Upbit, South Korea’s largest cryptocurrency exchange, also enabled PEPE pairs on November 16. The South Korean exchange is ranked fifth on CoinMarketCap’s list of top spot exchanges. Over the past 24 hours, Upbit has processed over $8.7 billion in trading volume.
These listings come after Donald Trump was elected as the next president of the United States. During his campaign, Trump promised to remove the chairman of the Securities and Exchange Commission (SEC) Gary Gensler, who has repeatedly sued U.S. exchanges for listing speculative tokens like PEPE.
Memecoin Grows Strongly Across the Board
PEPE’s price surge on November 14 reflects bullish momentum across the entire memecoin sector. Most cryptocurrencies in the sector have posted double-digit gains over the past day.
Solana-based Dogwifhat (WIF) recorded a 30% daily gain, while Base-based Brett (BRETT) gained 38% over the same period.
Performance of the largest-cap memecoin | Source: CoinMarketCap
The surge has pushed memecoin's total market value to $116.5 billion, up 111.5% over the past week, according to CoinMarketCap data.
Memecoin Market Capitalization and Volume | Source: CoinMarketCap
Over $75.7 billion in memecoin trading volume was recorded in the past 24 hours. This resurgence is fueled by investors once again turning to riskier assets like memecoin amid expectations of a crypto-friendly environment in the United States under the Trump administration.
Smart Contracts Boost PEPE's Uptrend
PEPE’s price surge over the past seven days comes after a significant increase in open interest (OI) over the same time frame.
Open interest is an important indicator that analysts use to gauge market sentiment and predict future price movements.
PEPE's total OI across all exchanges increased 160% from $108 million on November 5 to an all-time high of $282.2 million on November 14.
PEPE Open Interest Across All Exchanges | Source: CoinGlass
Additional data from CoinGlass shows increased demand for leveraged long positions on PEPE over the past few days, as shown by the funding rate.
PEPE Perpetual Contract 8-Hour Funding Rate | Source: CoinGlass
Note that the current eight-hour funding rate is 0.0327%, which equates to a cost of 0.68% over seven days, which is a large fee for traders building futures positions.
An increase in funding rates typically shows that futures traders are bullish, expecting prices to rise in the future, which could indicate that the uptrend will continue.
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