Pepe

PEPE

Shiba Inu

Pepe (<a data-ct-non-breakable="null" href="https://cointelegraph.com/pepe-price-index" rel="null" target="null" text="null" title="null">PEPE</a>), the largest Ethereum-based memecoin by market capitalization, is on track to continue the recovery it began on Nov. 5. PEPE has climbed approximately 230% from its Nov. 5 low of around $0.0000078, bringing its price up to an all-time high of $0.00002597 on Nov. 14.&nbsp;
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/?symbol=CRYPTOCAP%3APEPE" rel="nofollow noopener" target="_blank" text="null" title="https://www.tradingview.com/chart/?symbol=CRYPTOCAP%3APEPE">TradingView</a> shows PEPE trading at $0.00002093, up 15% over the 24 hours and 104% over the last seven days.
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 <img alt="PEPE rallies 78% to new all-time highs as memecoin market cap tops $116B" src="https://s3.cointelegraph.com/uploads/2024-11/01932b67-f076-78ff-a3d7-9f1ace2047e2" title="">
 <figcaption style="text-align: center;">
 PEPE/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/NnU83qRk/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/NnU83qRk/">TradingView</a>
 </figcaption>
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PEPE’s trading volume has jumped 124% over the last 24 hours to $19.6 billion, and its market capitalization also jumped, briefly touching $10.2 billion on Nov. 14 before retracing to the current level of $8.8 billion.
Let’s examine the factors that have fueled PEPE’s price momentum over the last week.
<h2 id="strong-pepe-price-rises-on-coinbase-robinhood-listing-strong">PEPE price rises on Coinbase, Robinhood listing</h2>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pepe-hits-all-time-high-memecoins-soar-after-famous-gamestop-stock-trader-returns" rel="null" target="null" text="null" title="null">PEPE’s performance</a> comes as several major cryptocurrency exchanges listed the memecoin. On Nov. 13, Robinhood Crypto <a data-ct-non-breakable="null" href="https://x.com/RobinhoodApp/status/1856699618815513040" rel="null" target="null" text="null" title="null">said</a> that Pepe, Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>), Cardano (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ada-price-index" rel="null" target="null" text="null" title="null">ADA</a>) and XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null" title="null">XRP</a>) were available to trade for customers in the United States.&nbsp;
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 <img alt="PEPE rallies 78% to new all-time highs as memecoin market cap tops $116B" src="https://s3.cointelegraph.com/uploads/2024-11/01932b68-c584-7e8b-9d0e-1423240dcc84" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/RobinhoodApp/status/1856699618815513040" rel="null" target="null" text="null" title="https://x.com/RobinhoodApp/status/1856699618815513040">Robinhood</a>
 </figcaption>
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Shortly after Robinhood’s announcement, Coinbase also <a data-ct-non-breakable="null" href="https://x.com/coinbase/status/1856744112189260193" rel="null" target="null" text="null" title="null">declared</a> that it would list PEPE later on Nov. 13. Coinbase is the largest crypto exchange in the US and the third-largest exchange worldwide by trading volume, so a listing there is expected to send PEPE even higher.
Similarly, Upbit, the largest crypto exchange in South Korea, <a data-ct-non-breakable="null" href="https://x.com/Official_Upbit/status/1856879928333262912" rel="null" target="null" text="null" title="null">allowed</a> trading of PEPE trading pairs on Nov. 16. The South Korean exchange is ranked fifth on CoinMarketCap’s top spot exchanges. In the past 24 hours, Upbit has processed over $8.7 billion in trade volume.
The listings come in the wake of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-win-bitcoin-100k-crypto-regulation-influence" rel="null" target="null" text="null" title="null">Donald Trump’s election</a> as the next US president. While on the campaign trail, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-promises-crypto-election-usa" rel="null" target="null" text="null" title="null">Trump promised</a> to remove Securities and Exchange Commission Chair Gary Gensler, who has repeatedly sued US exchanges for listing speculative tokens like PEPE.
<h2 id="strong-memecoins-flash-green-across-the-board-strong">Memecoins flash green across the board</h2>
PEPE’s rally on Nov. 14 mirrors <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-memecoins-2024-listings" rel="null" target="null" text="null" title="null">bullish price movements</a> across the broader memecoin sector. Most cryptocurrencies in this sector have posted double-digit gains over the last day.
Solana-based Dogwifhat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dogwifhat-price" rel="null" target="null" text="null" title="null">WIF</a>) recorded 30% daily gains, while Base’s Brett (<a data-ct-non-breakable="null" href="https://cointelegraph.com/brett-price-index" rel="null" target="null" text="null" title="null">BRETT</a>) rallied 38% over the same period.&nbsp;
<figure>
 <img alt="PEPE rallies 78% to new all-time highs as memecoin market cap tops $116B" src="https://s3.cointelegraph.com/uploads/2024-11/01932b6b-bb87-7dd6-96fa-ea6ee06075dd" title="">
 <figcaption style="text-align: center;">
 Performance of top-cap memecoins. Source: CoinMarketCap
 </figcaption>
</figure>
This widespread rally has pushed the total memecoin market value to $116.5 billion, a 111.5% leap in the past week, as per CoinMarketCap data.
<figure>
 <img alt="PEPE rallies 78% to new all-time highs as memecoin market cap tops $116B" src="https://s3.cointelegraph.com/uploads/2024-11/01932b6c-9e46-7393-b3e5-fd837ac5d54f" title="">
 <figcaption style="text-align: center;">
 Memecoin market cap and volume. Source: CoinMarketCap
 </figcaption>
</figure>
Over $75.7 billion in memecoin trading volume was recorded in the past 24 hours alone. The resurgence is driven by investors once again embracing risk-on assets like memecoins amid increasing anticipation of a crypto-friendly business environment in the US under Trump’s administration.
<h2 id="strong-increasing-open-interest-backs-pepe-s-upside-strong">Increasing open interest backs PEPE’s upside</h2>
The surge in the price of PEPE over the last seven days comes after a significant jump in its open interest (OI) over the same timeframe.&nbsp;
Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements.&nbsp;
PEPE’s total OI on all exchanges rose by 160% from $108 million on Nov. 5 to an all-time high of $282.2 million on Nov. 14.
<figure>
 <img alt="PEPE rallies 78% to new all-time highs as memecoin market cap tops $116B" src="https://s3.cointelegraph.com/uploads/2024-11/01932b6d-49b0-7762-800a-f262a00964ed" title="">
 <figcaption style="text-align: center;">
 PEPE open interest across all exchanges. Source: CoinGlass
 </figcaption>
</figure>
Additional data from CoinGlass shows increasing demand for leveraged long positions in PEPE over the last few days, as indicated by the OI-weighted futures funding rate.
<figure>
 <img alt="PEPE rallies 78% to new all-time highs as memecoin market cap tops $116B" src="https://s3.cointelegraph.com/uploads/2024-11/01932b6e-45ad-7ddb-b1fe-2ea2207146ec" title="">
 <figcaption style="text-align: center;">
 PEPE average perpetual contracts 8-hour funding rate. Source: CoinGlass
 </figcaption>
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Note that the current 0.0327% eight-hour rate translates to a 0.68% cost over seven days, which is significant for traders building futures positions.
Increasing <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/funding-rates-in-crypto-markets#:~:text=The%20impact%20of%20funding%20rates,hinting%20that%20prices%20could%20fall." rel="null" target="null" text="null" title="null">funding rates</a> usually suggests that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

PEPE rallies 78% to new all-time highs as memecoin market cap tops $116B

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