Meme coin PEPE outpaced Dogecoin in weekly gains after major exchanges like Robinhood and Coinbase listed it, briefly pushing its market cap past $10 billion.
Pepe Overtakes Dogecoin token
After major crypto exchanges announced plans to list the meme coin PEPE, it has outperformed Dogecoin (DOGE) in weekly gains. This is due to the fact that meme coins have continued to surge in value as a result of a Republican victory and a broader market rally.
The announcement of Pepe’s listings elicited instantaneous market reactions. The token’s market capitalization momentarily exceeded $10 billion in a matter of hours, while Dogecoin’s is currently at $56 billion.
Following the announcement of listings by two significant U.S.-based exchanges—Robinhood and Coinbase—Pepe’s value has experienced a significant increase. This has resulted in the token gaining new visibility and generating significant retail interest.
$28 billion in trading volume was recorded for Dogecoin within a 24-hour period. Pepe, on the other hand, amassed $24 billion within hours of the listing announcements.
Doge has experienced a 104% increase in weekly performance, while the meme coin with a frog motif has experienced a 131% increase during the same time frame.
According to CoinGecko data, Pepe achieved an all-time high of $0.00002299 on Wednesday, surpassing its previous apex from May. Consequently, Pepe achieved its first entry into the top 20 cryptos by market capitalization.
The frog-themed meme coin’s surge is consistent with the explosive development of Dogecoin (DOGE) since the November U.S. election.
During the market rally, Dogecoin reached a new high of $0.40, a price that had not been seen since 2021. Tesla CEO Elon Musk’s fleeting references to the meme coin during President-elect Donald Trump’s election campaign served as a catalyst for a more extensive meme coin rally.
Pepe is the fourth meme coin on the platform, following Dogecoin, Shiba Inu (SHIB), and Bonk, following Coinbase’s announcement which was made in response to nearly 18 months of community requests.
Crypto analysts are currently employing their crystal glasses to assert that Pepe could replicate Dogecoin’s trajectory, despite a sluggish start in the days immediately following the election.
Daan de Rover, the proprietor of the automated crypto trading platform CryptoSea, stated on Wednesday on X that the Pepe breakout is underway. He also mentioned that the token could experience an additional 900% increase.
New participants are challenging the old guard as the hype surrounding meme coins extends beyond Pepe and Dogecoin, indicating that the appetite for meme coins is far from over. ACT and PNUT, meme currencies based in Solana, were recently listed on Binance, resulting in gains of up to 1,300%.
Pepe, which was introduced in April 2023, is inspired by the renowned internet meme “Pepe the Frog,” which was developed by Matt Furie in 2005. The token was introduced with minimal fanfare; however, it progressively established a robust community.