Pepe (PEPE), the largest meme coin on Ethereum by market cap, has been recovering since November 5. PEPE has risen by about 230% from its lowest point of about $0.0000078 on November 5 to its all-time high of $0.00002597 on November 14. According to TradingView, PEPE is currently trading at $0.00002093, up 15% in the past 24 hours and 104% in the past 7 days.
PEPE/USDT daily chart
PEPE’s trading volume surged 124% to $19.6 billion in the past 24 hours, and its market capitalization also increased significantly, hitting a high of $10.2 billion on November 14 and currently adjusting to $8.8 billion. Let’s analyze the factors that drove PEPE’s price increase over the past week.
PEPE’s performance has benefited from the fact that several major cryptocurrency exchanges have listed the meme coin. On November 13, Robinhood Crypto announced that Pepe, Solana (SOL), Cardano (ADA), and XRP will be available to customers in the United States.
Soon after, Coinbase also announced on November 13 that it would list PEPE. As the largest exchange in the United States and the third largest in the world in terms of trading volume, Coinbase's listing is expected to further boost PEPE prices. Similarly, Upbit, South Korea's largest cryptocurrency exchange, also began trading PEPE trading pairs on November 16.
The South Korean exchange, ranked fifth among spot exchanges on CoinMarketCap, processed $8.7 billion in trading volume in the past 24 hours. These listings come after Donald Trump was elected as the next president of the United States.
During his campaign, Trump promised to remove Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), who has repeatedly sued U.S.-listed exchanges for listing speculative tokens like PEPE. PEPE’s price surge on Nov. 14 reflects bullish gains across the meme coin space. Most cryptocurrencies in the space have posted double-digit gains over the past day.
Dogwifhat (WIF), built on Solana, is up 30% on the day, while Brett (BRETT), built on Base, is up 38% over the same period.
The rally has pushed the total market value of memecoin up 111.5% over the past week to $116.5 billion, according to CoinMarketCap. In the past 24 hours, memecoin trading volume exceeded $75.7 billion. The recovery has been driven by investors once again turning to riskier assets such as memecoins in anticipation of a more crypto-friendly environment in the United States under the Trump administration.
PEPE’s gains over the past seven days came against the backdrop of a sharp increase in open interest (OI), an important metric used by analysts to assess market sentiment and predict future price movements.
PEPE’s total OI across all exchanges increased 160% from $108 million on November 5 to a record $282.2 million on November 14.
Additional data from CoinGlass shows that long leverage demand for PEPE has increased over the past few days, which is reflected in the funding rate.
It is worth noting that the current 8-hour funding rate is 0.0327%, which is equivalent to a fee of 0.68% over 7 days, which is a higher fee for traders to build futures positions. Rising funding rates usually indicate that futures traders are bullish and expect prices to rise, which may mean that the upward trend will continue.
【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.
