Here’s why this new Pepecoin price is soaring

Pepecoin Network price went parabolic and reached a record high as demand for the recently launched token increased.

Pepecoin Network (PEP), a Dogecoin (DOGE) hard fork, climbed to $0.001736, pushing its market cap to over $151 million. The token is up over 3,000% since its launch in January this year.

PEP’s rise coincided with the recent rise of Pepe (PEPE), the third-largest meme coin in the crypto industry. Pepe has gained over 1,600% this year and his market cap rose to $10 billion this week.

Pepecoin Network also made gains as some crypto exchanges started listing the token. It was listed by cryptocurrency exchange CoinEx Global on December 10, valued at more than $953 million.

CoinEx is the first major exchange to list PEP along with other exchanges such as XeggeX and Nonkyc. This development increases the possibility that other exchanges such as Binance, MEXC, OKX and Bybit will add it if the token continues to attract interest.

The Pepecoin Network differs significantly from Pepe in that it operates as a proof-of-work cryptocurrency resulting from the Dogecoin hard fork. A hard fork occurs when developers create a new coin from an existing coin. For example, Bitcoin was forked to Bitcoin Cash, while Ethereum was forked to Ethereum Classic.

Therefore, Pepecoin shares some features with other proof-of-work coins such as Bitcoin. For example, there is a halving mechanism that periodically reduces block rewards. The third halving occurred in November and the next halving is expected to occur on February 3.

Pepecoin aims to become the main currency of the Pepe ecosystem by offering low transaction costs. Additionally, unlike Pepe, it increases its security by running on its own blockchain.

What’s next for the Pepecoin Network? Pepecoin Network price chart | Source: CoinGecko

The PEP price has risen sharply this month as attention turns to Pepe’s entry into the $10 billion market cap club. This momentum further fueled investor interest, with page X gaining users and the r/Pepecoin subreddit attracting more than 18,000 followers.

As long as the parent Pepe token performs well, there is a strong possibility that Pepecoin Network will continue to rise. If this trend continues, the token could rise during this bull run and reach a market cap of $500 million. A key driver of this growth will be the potential to be listed on more exchanges. Conversely, a decline below $0.0010 would invalidate the bullish view.