Coinbase Adds Support for Pepe Coin on Ethereum Network

by

As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I must say that Coinbase’s decision to list Pepe (PEPE) on its platform is an intriguing development. While I have seen my fair share of memecoins come and go, PEPE’s journey from a popular internet meme to a tradeable asset is undeniably unique.

Coinbase is planning to include Pepe (PEPE) within its platform, running on the Ethereum network as an ERC-20 token, which signifies a significant achievement for this well-liked meme token.

On November 13, 2024, the listing is accompanied by a warning from Coinbase for users: Avoid sending PEPE through other networks, as it may lead to loss of funds.

Trading for PEPE against USD is set to commence at 11:30 AM Eastern Time or later, depending on adequate market liquidity. Initially, this trading pair will be introduced gradually, making the PEPE token accessible to more users on a major cryptocurrency exchange.

The announcement led to a swift increase in PEPE’s value, as the token surged by approximately 49% just minutes following the release of the news. As I write, the price of the PEPE coin stands at $0.0000188.

The inclusion of PEPE on Coinbase marks a major advancement, since it transitions from lesser-known exchanges to a widely acknowledged global trading platform. This move could draw interest from both individual and institutional investors.

However, Coinbase noted that support for PEPE might be restricted in certain jurisdictions due to regulatory constraints, underscoring the importance of the ERC-20 network restriction.

Pepe Coin’s recent addition to Coinbase has sparked a significant increase in trading, as its 24-hour volume climbed by 28% to reach $8.75 billion. This listing not only enhances liquidity but also grants PEPE a sense of credibility, causing analysts to closely monitor whether it can maintain this growth trajectory amidst market fluctuations.

Read More

2024-11-13 21:08