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Following Robinhood and Coinbase listing announcements, Pepe Coin (PEPE) has outperformed Dogecoin in weekly gains, sparking new excitement in the meme coin market. The increasing popularity of meme coins, fueled by strong social media engagement and community support, signals a new era for crypto. With opportunities and risks in abundance, investors are paying close attention.
Meme Coins on the Rise as PEPE Surges Past Dogecoin
Pepe Coin’s recent listing on major crypto exchanges, including Robinhood and Coinbase, has led to a remarkable rally, overtaking Dogecoin in weekly performance. Over the last few weeks, the crypto market has seen a general uptrend, bolstered by broader market enthusiasm and a recent Republican victory. Pepe’s increased visibility on these prominent platforms has drawn substantial retail interest, driving its market cap above $10 billion temporarily, with Dogecoin close behind at $56 billion.
Listing Announcements Drive Retail Interest
This sudden rise in PEPE’s value was triggered by the announcement of its listings on Robinhood and Coinbase, both U.S.-based giants. The news has provided a fresh boost to PEPE, pushing its trading volume to $24 billion within hours. In comparison, Dogecoin recorded a volume of $28 billion over the same period. While Dogecoin saw a 104% weekly gain, PEPE surged by 131%, capturing the market’s attention.
According to CoinGecko, PEPE reached an all-time high of $0.00002299 on Wednesday, surpassing its previous peak set in May and breaking into the top 20 cryptocurrencies by market cap. Many investors see PEPE’s ascent as reminiscent of Dogecoin’s 2021 surge, piquing interest in its long-term potential.
Pepe Coin’s Path Mirrors Dogecoin’s Historic Rally
PEPE’s rise mirrors Dogecoin’s explosive 2021 rally, when DOGE hit $0.40 and gained momentum with Elon Musk’s public endorsements. Coinbase’s decision to list PEPE follows nearly 18 months of community demand, making PEPE the fourth meme coin to join the platform, after Dogecoin, Shiba Inu (SHIB), and Bonk. Analysts suggest that PEPE could follow Dogecoin’s trajectory. CryptoSea founder Daan de Rover shared on social media that PEPE’s “explosion is just starting” and predicted a potential 900% increase.
The Ongoing Meme Coin Craze
The popularity of PEPE and Dogecoin is inspiring continued interest in meme coins, with newer tokens emerging and competing for attention. Binance recently listed Solana-based meme coins ACT and PNUT, which have delivered gains of up to 1,300%, underscoring the fierce competition among meme coins. Launched in April 2023, PEPE is inspired by the iconic “Pepe the Frog” internet meme created by Matt Furie in 2005. While it had a modest start, PEPE has since built a strong community and established itself in the meme coin world.
Looking Ahead: Opportunities and Risks
The rise of meme coins presents both new opportunities and high risks for the crypto market. The success of tokens like PEPE demonstrates the impact of social media engagement and community support on market performance. For investors, the speculative gains offered by meme coins are appealing, but the volatility requires caution. Meme coins are reshaping crypto market dynamics and influencing investor sentiment, pointing to an evolving landscape in the industry.
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