PEPE surges 42% on Coinbase and Robinhood listing

PEPE, the Pepe the Frog-themed meme coin, surged 42% during the market hold on November 13 as Coinbase and Robinhood US listed the token amid crypto excitement following Trump’s victory.

According to Robinhood’s website, the US division of the trading platform has relisted Cardano (ADA), Solana (SOL), and Ripple (XRP), adding (PEPE) trading support. It has been four years since the exchange delisted XRP due to litigation between Ripple and the Securities and Exchange Commission at the time.

Regulatory concerns raised by the SEC against Cardano and Solana have also led to their delisting in 2023. It turned out that the main reason for this decision was uncertainty about whether ADA and SOL qualify as securities.

When Robinhood reversed its delisting decision, the SEC’s clarity on Cardano and Solana was still largely absent. But the political landscape has changed since the company last stopped commercial support.

24-hour PEPE price chart – November 13 | Source: crypto.news PEPE’s rise based on expected crypto clarity

Pro-Bitcoin Republican Donald Trump won the US presidential election. Trump’s promises to the crypto industry include ending excessive and stringent regulations on emerging technologies. He has committed to removing SEC chairman Gary Gensler, who is considered one of crypto’s biggest rivals in any federal agency.

The president-elect also revealed that Elon Musk is a key figure in the Department of Government Efficiency. Called DOGE, which is strikingly similar to the meme coin Dogecoin (DOGE), some have suggested that crypto-friendly Musk could also lead additional crypto advocacy from Trump’s camp.

Musk is considered a friend of the Dogecoin community and has spoken publicly about the project many times. Moreover, more than 250 pro-cryptocurrency politicians have grabbed seats in Congress, raising hopes of a golden age for crypto across the industry.

Meanwhile, meme coins, buoyed by Trump’s victory, burst out of the gates as the entire cryptocurrency market rose aggressively to over $3 trillion. Centralized exchanges such as Binance and Coinbase have recently listed a large number of meme coins. This shift comes as industry participants refine Washington’s policies to support crypto innovation.

Coinbase coincidentally listed the PEPE meme coin, as did Robinhood. America’s largest crypto exchange and the only exchange with Ethereum layer-2, called Base, has added PEPE for spot trading. Data showed that the news pushed PEPE to an all-time high, while other popular crypto memes continued to rise.