The memecoin PEPE jumped to a market cap of $10.2 billion at one point from $5.7 billion the previous day. As of the time of writing, the market capitalization of the PEPE is at $9.5 million, which has been boosted due to the listing of trading pairs of PEPE on many central exchanges. The coin’s price has reached $0.00002246, which is 76.44% higher than 24 hours ago.
Robinhood and Coinbase Listings Boost PEPE
The surge in price came after two other American companies, Robinhood and Coinbase, disclosed on Nov. 14 that they would include PEPE in their list. This led to a huge trading frenzy, which saw the token hit its record high prices. This uptick in value occurred at the same time as Robinhood added more well-known cryptocurrencies to its platform, including Solana, Cardano, and Ripple’s XRP. These assets were delisted and then relisted after the exchanges were under probe by the U.S. Securities and Exchange Commission (SEC) for providing unregistered securities.
Source: TradingView
Robinhood said it would let its users trade PEPE with other popular cryptocurrencies such as Bitcoin and Ethereum. This came as a response to the surge in the demand for the memecoin. The platform chose to add PEPE to its list of supported assets after readmitting Solana, Cardano, and XRP back on the platform after a ban due to regulatory issues.
Another giant, Coinbase, the world’s second-largest crypto exchange, enabled PEPE trading using the tokens on Wednesday. This, in return, ignited the price hike because Coinbase was also welcoming retail and institutional traders. Boosting the coin further, Upbit, South Korea’s biggest cryptocurrency exchange, has added support for the PEPE trade pair, opening it up to a whole new market. Upbit was able to handle more than $10 billion in trade value within the last 24 hours, reflecting the increasing interest of the global community in coins.
Memecoins Gain Popularity
In the last week, popular memecoins like Dogecoin, PEPE, and Bonk have risen, with PEPE increasing its value by 97%. As highlighted by Santiment in an X post on Thursday, these meme coins have returned incredible gains within specific trading periods among all the cryptocurrencies.
The main reason for the increased demand for memecoins is the worldwide interest in cryptocurrencies. This has been especially the case after key incidents such as Musk’s endorsement of Donald Trump and his subsequent election. This has led to the resurgence of memecoins, and many traders treat them as the new fast money play. Dogecoin and other memecoins built on the Solana blockchain have been the market leaders, but now coin has joined them, and its value has risen sharply.
Social Media Sparks Volatility
The platform concluded that Memecoins often experience significant social media hype and, as a result, can have very high volatility and unstable prices. The trading community on platforms such as X, Reddit, Telegram, and 4Chan has been in a frenzy, creating memes and discussions about PEPE, which makes traders make decisions based on emotions.
Being a token with a market cap of almost $10 billion and trade on popular exchanges, PEPE will likely remain a popular project in the near future. Nonetheless, the future of memecoin is uncertain, which means it is uncertain whether the price of PEPE will continue to rise.
PEPE has not yet been around for a very long time, and as such, it will be interesting to see how the currency performs over the coming weeks as the market continues to develop. Nevertheless, the current increase in demand is encouraging, investors should be careful because the memecoin market has pump-and-dump cycles. The future of tokens will be determined by whether or not the project will still expand or if people’s interest in the market will decline.
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