Originally published on: November 14, 2024
PepePEPE, the leading Ethereum-based memecoin, is making waves with a remarkable 78% surge to reach unprecedented all-time highs as its market cap surpasses $116 billion. Since November 5, PEPE has experienced a phenomenal recovery, skyrocketing by 230% from its low of $0.0000078 to peak at $0.00002597 on November 14.
According to data from Cointelegraph Markets Pro and TradingView, PEPE is currently trading at $0.00002093, showing a 15% increase in the past 24 hours and a substantial 104% surge over the last seven days.
The trading volume of PEPE has surged by 124% in the last day, reaching $19.6 billion. The memecoin’s market capitalization has also seen a significant boost, touching $10.2 billion before settling at $8.8 billion.
Several factors have contributed to PEPE’s remarkable price momentum in the past week, including its recent listings on major cryptocurrency exchanges. Robinhood Crypto, the popular US-based exchange, announced the availability of Pepe for trading alongside other cryptocurrencies like Solana, Cardano, and XRP.
Moreover, Coinbase, the largest cryptocurrency exchange in the US, confirmed its plans to list PEPE, further fueling its price rally. South Korea’s largest exchange, Upbit, has also allowed trading of PEPE pairs, contributing to the memecoin’s surge.
Notably, PEPE’s recent rally reflects the overall bullish sentiment in the memecoin sector, with several cryptocurrencies posting double-digit gains in the past day. The total memecoin market value has soared to $116.5 billion, marking a 111.5% increase in the past week.
With over $75.7 billion in trading volume in the last 24 hours alone, investors are once again embracing risk-on assets like memecoins in anticipation of a crypto-friendly environment under the new US administration.
As PEPE continues its meteoric rise, traders are closely monitoring its open interest, which has surged by 160% in the past week. Increasing funding rates and futures positions suggest a bullish sentiment among traders, indicating a potential continuation of the uptrend.
Remember, this article does not offer investment advice. Be sure to conduct your own research and make informed decisions when trading or investing in cryptocurrencies. Subscribe to our newsletter for more insights and market updates.
