Pepe Coin (PEPE), a popular Ethereum-based meme cryptocurrency, has skyrocketed over 80% after Coinbase and Robinhood officially listed the token on their platforms.
Upbit also announced the listing of the meme token. With more listings, PEPE could rise further.
On November 13, Robinhood US announced it added PEPE to its supported cryptocurrencies. PEPE is the third meme token to be listed on Robinhood Crypto, following Dogecoin (DOGE) and Shiba Inu (SHIB).
The Rise of PEPE
The exchange also reinstated Solana (SOL), Ripple (XRP), and Cardano (ADA) after suspending trading of these tokens last year as the Securities Exchange and Commission claimed them as securities in its lawsuits against Binance and Coinbase.
Briefly after Robinhood’s announcement, Coinbase unveiled its listing roadmap for PEPE. The third-largest meme cryptocurrency has surged from around $0.000013 to $0.000024, with its market value topping $10 billion in less than 24 hours, CoinGecko data shows.
Following Robinhood and Coinbase, South Korean cryptocurrency exchange Upbit announced it would list the PEPE/KRW trading pair, helping maintain the token’s upward momentum. PEPE is currently trading at around $0.000023, up roughly 130% in the last seven days.
Meme Tokens Are Killing It
Many other memecoins have also experienced major price increases over the past 24 hours. Several Solana-based memecoins, including, Dogwifhat (WIF), Book of Meme (BOME), Bonk (BONK), Peanut the Squirrel (PNUT), Popcat (POPCAT), and Act I The AI Prophecy (ACT), are leading the meme coin rally
WIF soared 37% to $4.1 after Coinbase said it would list the token, while BONK rallied 16%.
PNUT shook the market as it quickly hit $1 billion in market cap less than 48 hours after being listed on Binance. The token’s value rocketed 153% in the last 24 hours, now trading at around $2.2. ACT, another token listed on Binance during the same timeframe, jumped over 30%.
Dogecoin (DOGE), the meme-coin king, saw some corrections after peaking at $4.2 earlier this week. Its market cap has approached $60 billion, positioning DOGE ahead of major firms like Ford, Adidas, and Roblox.
Dogecoin’s surge is mainly driven by the influence of Elon Musk, the CEO of Tesla who is also a known Dogecoin supporter.
The recent price surges across meme tokens came amid a Bitcoin rally with price hitting $93,000 on Wednesday, breaking its previous highs set just days ago. November has historically been a strong month for Bitcoin, with an average return of 45%.
Polymarket traders now predict a 71% chance of Bitcoin hitting $100,000 by the end of the year, ahead of Donald Trump’s second inauguration.
The anticipation surrounding Trump’s second term has created a positive outlook for cryptocurrencies. Many community members, as well as high-profile figures, believe the cryptocurrency industry will be treated fairly under his administration.
US Will Be Crypto Haven
Trump has publicly declared his intention to make the U.S. the “crypto capital of the planet.” The plan is indeed a departure from his earlier skepticism towards cryptocurrencies during his first term.
The president-elect also proposed setting up a national Bitcoin reserve, which would involve retaining all Bitcoin that the U.S. government currently holds or acquires in the future. The initiative will likely position Bitcoin as a strategic asset for the country, potentially legitimizing its use and value.
Trump’s transition team is reportedly considering several pro-crypto candidates for key financial positions. This is believed to be part of Trump’s efforts to fulfill his promises. The most-focused speculation is around changes in the SEC leadership.
Trump has indicated a desire to appoint pro-crypto commissioners who may roll back stringent regulations imposed during previous administrations, particularly those enforced by SEC Chair Gary Gensler.
The list of candidates who potentially replace Gensler include “Crypto Mom” Hester Peirce, SEC commissioner Mark Uyeda, and former SEC commissioner and Robinhood’s current legal chief Dan Gallagher.
Source: https://blockonomi.com/meme-token-mania-pepe-and-pnut-hit-billion-dollar-milestones/