Why Pepe Coin Is Increasing: What’s Behind the Price Rally?

Why Pepe Coin Is Increasing Today: PEPE Listed On Robinhood, Coinbase

Coinbase and Robinhood Listings Drive PEPE Price Surge

On November 13, 2024, Pepe the meme coin with a frog theme, was officially listed on Coinbase’s spot market. As soon as the announcement dropped, the coin’s price skyrocketed, marking a 58% increase in just 24 hours. Coinbase confirmed the listing with a frog emoji and followed through with the official listing later that day.

In tandem with Coinbase, Robinhood also revealed the addition of PEPE to its platform. The listing allows Robinhood’s massive retail user base to buy, sell, and trade PEPE directly via the app, further driving the token’s momentum. The integration of PEPE by Robinhood highlights the growing interest from retail investors in meme coins, especially given the speculative nature of these assets.

PEPE Token Now Available on South Korean Exchange Upbit

Adding to the excitement, South Korea’s largest crypto exchange, Upbit, listed Pepe Coin (PEPE) alongside the South Korean won on November 14. This new trading pair enables South Korean traders to directly purchase PEPE tokens, contributing to the meme coin’s global accessibility.

PEPE's Buzz Across Social Media and Market Sentiment

PEPE’s market activity has been nothing short of impressive, with the coin’s daily trading volume exceeding $22.19 billion. This volume surpasses that of other popular meme coins, such as WIF, BONK, and FLOKI, by a significant margin. The high trading volume indicates strong market interest, which could drive PEPE even higher in the coming days, especially as more retail traders become involved.

Whale Activity and Massive Selloffs

After the announcement by Robinhood, whale activity surrounding PEPE saw a significant surge. Transactions worth over $100,000 surged from $405 million to a staggering $1.66 billion. Over 3,000 such transactions were recorded on November 13 alone.

However, despite the increase in whale activity, the largest holders of PEPE recorded a massive selloff, with over 1.11 trillion PEPE leaving their wallets.

While large selloffs typically trigger price drops in the volatile meme coin market, the support from retail traders has helped stabilize the price, mitigating the effects of the whale-driven selloff.

PEPE Price Prediction : Could a Correction Follow?

With a strong upward momentum and record-breaking trading volume, PEPE may see a price correction before experiencing another bull run. The price rally began with a bullish pattern and has shown remarkable strength, surpassing key Fibonacci levels on the chart. Over the past ten days, PEPE has recorded nine consecutive bullish candles, signaling further growth potential heading into 2024.