PEPE Soars 78% to New All-Time Highs as Memecoin Market Cap Surpasses $116B

PEPE, the leading Ethereum-based memecoin by market capitalization, has surged to new all-time highs, following a strong recovery that began on November 5. The token has gained approximately 230% since its low of $0.0000078 on November 5, hitting a peak of $0.00002597 on November 14. Although its market cap briefly exceeded $10 billion, it currently sits at around $8.8 billion, with a 124% increase in trading volume over the past 24 hours, now at $19.6 billion.

Key Drivers of PEPE’s Recent Price Surge

Exchange Listings Boost PEPE’s Visibility

The most significant catalyst for PEPE’s recent price rally is its listing on several major cryptocurrency exchanges. On November 13, Robinhood Crypto announced it would list PEPE, alongside other major cryptocurrencies like Solana (SOL), Cardano (ADA), and XRP (XRP), for U.S. customers. This move was followed by an announcement from Coinbase, the largest crypto exchange in the U.S. and the third-largest globally, that it would also list PEPE later the same day. The Coinbase listing is expected to further drive demand for PEPE.

Additionally, Upbit, South Korea’s largest crypto exchange, began offering PEPE trading pairs on November 16. With over $8.7 billion in trade volume in the past 24 hours, Upbit’s involvement significantly expands PEPE's exposure in the global market.

Memecoin Market Momentum

PEPE’s recent surge is part of a broader rally across the memecoin sector. On November 14, many memecoins experienced double-digit gains, contributing to a 111.5% increase in the total market value of memecoins, which now exceeds $116 billion, according to CoinMarketCap.

Other memecoins, such as Solana-based Dogwifhat (WIF) and Base’s Brett (BRETT), posted notable gains of 30% and 38%, respectively, highlighting renewed investor interest in this speculative asset class. The broader rally is attributed to an increasingly risk-on sentiment in the market, as investors expect a crypto-friendly business environment under the potential leadership of Donald Trump, who has vowed to remove SEC Chair Gary Gensler, a figure seen as hostile to speculative tokens like PEPE.

Rising Open Interest Indicates Bullish Sentiment

A significant rise in open interest (OI), which measures the total value of outstanding futures contracts, suggests that traders are increasingly bullish on PEPE’s future price prospects. Over the past week, PEPE’s OI surged by 160%, from $108 million on November 5 to an all-time high of $282.2 million on November 14. Rising open interest and funding rates indicate that futures traders are betting on further price increases, contributing to the upward momentum.

Market Sentiment and Political Factors

The surge in memecoin activity also comes amid broader political and economic expectations that the U.S. could shift towards a more crypto-friendly regulatory environment if Donald Trump wins the presidency. Trump has expressed intentions to overhaul the SEC, which has been cracking down on speculative tokens like PEPE. This shift in sentiment has led investors to return to high-risk assets like memecoins, further fueling the rally.

In summary, PEPE's dramatic price increase is being driven by a combination of major exchange listings, a wider memecoin market rally, increasing open interest, and growing expectations for a more favorable regulatory environment under Trump’s potential leadership. As memecoin traders continue to embrace risk, PEPE's price momentum could continue in the near term.