Originally published on: November 14, 2024
The ethereum-based memecoin, PepePEPE, has been making headlines with its unprecedented rally, surging by a staggering 78% to reach new all-time highs. The memecoin’s market cap has exceeded $116 billion, solidifying its position as the largest in its category.
Since November 5th, PepePEPE has been steadily climbing, marking an impressive 230% increase from its low of $0.0000078 to a record high of $0.00002597 on November 14th. Trading at $0.00002093, the memecoin has shown remarkable growth of 15% over the past 24 hours and 104% over the last week.
One of the key factors driving PepePEPE’s price surge is its recent listings on major cryptocurrency exchanges. Robinhood Crypto, a popular platform in the United States, announced the availability of Pepe, along with other cryptocurrencies like Solana and Cardano, for trading. This announcement was followed by Coinbase’s declaration to list Pepe, further boosting its exposure in the market.
Moreover, the largest crypto exchange in South Korea, Upbit, has also allowed trading of PepePEPE trading pairs, contributing to the memecoin’s upward momentum. These listings have fueled investor interest and contributed to the overall bullish sentiment in the memecoin sector.
The broader memecoin market has experienced a significant uptick, with many cryptocurrencies posting double-digit gains. The total market value of memecoins has surged to $116.5 billion, reflecting a 111.5% increase in the past week. Investors are once again embracing risk-on assets like memecoins amid anticipation of a crypto-friendly regulatory environment under the new US presidential administration.
PepePEPE’s rally is further supported by a rise in its open interest, signaling increased market sentiment and potential for future price movements. The memecoin’s total open interest across all exchanges has reached an all-time high of $282.2 million, indicating growing demand for leveraged long positions.
As funding rates for futures contracts show bullish sentiment among traders, the uptrend in PepePEPE’s price is expected to continue. However, readers are advised to conduct their own research and make informed investment decisions, as every trading move involves risk.
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