Coinbase recently announced the availability of PEPE, the meme-inspired cryptocurrency, on its trading platform with a brief tweet that simply read, “Wen? Now. PEPE is available for trading.”
This straightforward statement comes amid a surge of interest in meme coins, particularly PEPE, which has seen substantial trading volume and price gains following its listings on both Coinbase and Robinhood.
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 Coinbase and Robinhood now offering PEPE trading, the token has gained increased accessibility and visibility, drawing both retail investors and larger players to the platform.
Within hours of the announcements, PEPE’s price surged by over 50%, pushing its market capitalization past $8 billion. This rise propelled it among the top-ranking cryptocurrencies by volume, briefly placing it above more established assets like Sui, an emerging blockchain network.
Coinbase’s Chief Legal Officer, Paul Grewal, hinted at the anticipated listing just hours prior, sparking excitement among meme-coin enthusiasts who had long been awaiting PEPE’s availability on major U.S. exchanges.
In his words, “You’ve long wanted the frog. Well, soon you’ll get the frog. @coinbase is adding PEPE to our listing roadmap with the goal of listing later today. Thanks for your patience.”
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Whale Activity Fuels PEPE’s Price Momentum
PEPE’s listing arrives amid growing interest in meme-based tokens, which are prone to large, rapid price swings. Such listings often trigger a “fear of missing out” (FOMO) among investors, leading to high volatility.
On-chain data highlighted the involvement of “whales” — large crypto holders who made considerable PEPE acquisitions immediately after the listing announcement, further fueling the token’s trading volume.
For instance, one significant transaction involved a whale 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 fueled short-term growth, industry analysts have cautioned investors 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 approaching these high-volatility assets.
However, the PEPE listing by two of the largest U.S.-based exchanges reinforces the growing mainstream acceptance of meme coins, positioning them as increasingly prominent assets within the crypto market.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
