4 possible reasons behind PEPE’s 50% rise to a new all-time high

TL:DR;

The third largest meme coin has exploded by 50% in the last 24 hours and more than 100% on a weekly basis. The asset was listed on some global exchanges recently, which could be one of the reasons for the massive rally and new all-time high.

Exchange listings

It feels like a bull market right now, especially for some more volatile cryptocurrencies like meme coins. After the recent concentrations of DOGE and SHIB, it is now time for the third largest of the cohort: PEPE. The frog-inspired meme soared 52% in the past 24 hours, surpassing its previous all-time high. As such, it marked a new high of $0.00002.

PEPEUSD. Source: TradingView

Perhaps the two most obvious reasons come from Robinhood and Coinbase. The former said it will begin offering trading services with the meme currency, as well as SOL, XRP and ADA.

Around the same time, Coinbase’s chief legal officer, Paul Grewal, indicated that the largest exchange in the United States will follow the same path regarding PEPE. Also, Grewal confirmed the speculations that PEPE will appear on the list as early as today.

You wanted the frog for a long time. Well, soon you will have the frog. @coinbase is adding PEPE to our roadmap with the goal of onboarding later today. Thank you for your patience.

— paulgrewal.eth (@iampaulgrewal) November 13, 2024

Market increase

The other two possible reasons are mostly related to the whole cryptocurrency landscape and are not as focused on PEPE. After all, the entire market turned green today, with bitcoin exploding above $90,000 to record another all-time high above $93,000.

Many altcoins have followed suit, while meme coins have taken center stage again, which is actually the fourth possible reason. Most of the top 100 highs are up by double digits, including DOGE, WIF, BONK, FLOKI, POPCAT and BRETT. One, PNUT, has soared into triple digits, but that’s a different story.

Consequently, it appears as if investors have turned to the ever-volatile niche of meme coins during these bullish times for the promise of quick profits. However, be aware that these tokens can go down as quickly as they can go up, so investors should be careful before investing in them.

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