PEPE surges 42% on Coinbase and Robinhood listing

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As a seasoned crypto investor with a knack for spotting trends and navigating regulatory waters, I’ve seen my fair share of market fluctuations and regulatory changes. The recent surge of PEPE, a meme coin inspired by Pepe-The-Frog, during the market cooldown has caught my attention.

On November 13, when the cryptocurrency market was cooling down, the meme coin based on Pepe-The-Frog soared by 42%. This surge occurred after Coinbase and Robinhood (U.S.) listed the token, sparking enthusiasm for crypto following Donald Trump’s election victory.

As indicated on Robinhood’s website, their U.S. trading platform has reintroduced support for trading Cardano (ADA), Solana (SOL), Ripple (XRP), and most recently PEPE. It is worth noting that they had previously stopped trading XRP four years ago due to ongoing legal disputes between Ripple and the Securities and Exchange Commission.

In the year 2023, regulatory doubts about Cardano and Solana by the Securities and Exchange Commission (SEC) resulted in their removal from trading platforms. The primary cause of this action seemed to be questions about whether ADA and SOL were considered securities.

When Robinhood decided to resume trading for Cardano and Solana, clear guidance from the SEC on these cryptocurrencies was not yet available. Since the time Robinhood stopped supporting trading, the political climate has significantly shifted.

PEPE’s rise on expected crypto clarity

During the U.S. presidential election, Republican Donald Trump (who is supportive of Bitcoin) emerged victorious. He has pledged to ease up on strict regulations concerning emerging technologies like cryptocurrency. Additionally, he intends to replace SEC chair Gary Gensler, who is known as a major opponent of crypto within federal agencies.

The President-elect announced Elon Musk as a significant player in his Department for Streamlined Government, nicknamed DOGE. This moniker resembles the popular cryptocurrency Dogecoin (DOGE), leading some to believe that crypto-enthusiast Musk might further promote cryptocurrency within Trump’s circle.

1) Elon Musk is well-regarded within the Dogecoin community and has openly discussed the venture multiple times. Additionally, more than 250 pro-cryptocurrency politicians were elected to Congress, fueling optimism across the industry that we may be entering a golden era for cryptocurrencies.

In the wake of Trump’s win, meme coins surged forward, propelled by a significant increase across the entire cryptocurrency market which reached over $3 trillion. Exchanges like Binance and Coinbase have recently added numerous meme coins to their platforms. This move follows expectations that government policies will encourage crypto innovation.

By chance, Coinbase, the leading U.S. cryptocurrency exchange and the only one featuring an Ethereum layer-2 called Base, decided to list the PEPE meme coin for spot trading. This move was similar to Robinhood’s action. Interestingly, this news significantly boosted PEPE to a fresh all-time high, while other popular crypto memes also experienced a surge in value.

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— Coinbase 🛡️ (@coinbase) November 13, 2024

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2024-11-13 17:59