The meme cryptocurrency PEPE is now available on Coinbase, leading to a significant rise in its market capitalization and attracting new investors.
PEPE's Price Surges Following Major Listings
The listing on Coinbase marked a significant milestone for PEPE, a token inspired by the internet’s iconic “Pepe the Frog” meme. With trading now available on Coinbase and Robinhood, PEPE has gained increased accessibility and visibility, attracting both retail and large investors to the platform. Within hours of the announcements, PEPE’s price surged by over 50%, pushing its market capitalization past $8 billion.
Whale Activity Fuels PEPE’s Price Momentum
The growing interest in meme-based tokens, including PEPE, is characterized by high volatility. On-chain data highlighted the involvement of 'whales' — large crypto holders who significantly contributed to PEPE's trading volume. For instance, one major transaction involved acquiring approximately $18 million worth of PEPE across various exchanges shortly after the Coinbase listing.
Caution Advised Despite Market Enthusiasm
While PEPE's newfound exposure has driven short-term growth, industry analysts advise caution regarding the speculative nature of meme tokens. Despite recent gains, meme coins can experience dramatic price drops, and experts emphasize the importance of caution when dealing with such high-volatility assets. Nonetheless, the listing of PEPE by two of the largest U.S.-based exchanges reinforces its growing acceptance in the crypto market.
With its growing popularity and accessibility on Coinbase, PEPE and other meme coins are gaining wider recognition, although investors are strongly advised to be cautious given the high volatility.
