Driven by the Republican victory and a broader market rebound, the meme coin PEPE continued to soar, after major cryptocurrency exchanges announced plans to list the token, with PEPE's weekly gains surpassing Dogecoin (DOGE).
The news of Pepe's listing immediately triggered a market reaction. Within just a few hours, the token's market cap briefly surged to over $10 billion, while Dogecoin's market cap reached $56 billion.
After the listing announcements by the two major US exchanges Robinhood and Coinbase, the value of Pepe skyrocketed, giving the token newfound prominence and sparking significant retail interest.
Dogecoin saw a 24-hour trading volume of $28 billion. Meanwhile, Pepe reached a trading volume of $24 billion just within a few hours of its listing announcement.
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Looking at the weekly performance, Doge rose 104%, while the frog-themed meme currency increased by around 131% during the same period.
According to CoinGecko data, Pepe hit a new all-time high of $0.00002299 on Wednesday, surpassing its previous high set in May. As a result, Pepe has now entered the top 20 cryptocurrencies by market cap.
This frog-themed meme coin's surge has followed in the footsteps of Dogecoin (DOGE), which has experienced explosive growth since the 2020 US presidential election.
Dogecoin reached new highs in the market rebound, peaking at $0.40, a price not seen since 2021. The meme coin hitched a brief ride on the coattails of Tesla CEO Elon Musk during the former president Donald Trump's campaign, triggering a broader meme coin resurgence.
Coinbase's announcement came after nearly 18 months of community requests, making Pepe the fourth meme coin to be listed on the platform after Dogecoin, Shiba Inu (SHIB), and Bonk.
Crypto analysts are now dusting off their crystal balls, claiming that although Pepe had a slow start in the initial days after the election, it may follow in the footsteps of Dogecoin.
"The Pepe breakout is now underway," Daan de Rover, the founder of the automated crypto trading platform CryptoSea, said on X on Wednesday, noting that the token could potentially surge another 900%.
The interest in meme coins is far from over, as the hype around meme coins extends beyond Pepe and Dogecoin, with new players challenging the old ones. Binance recently listed the Solana-based meme coins ACT and PNUT, which have seen gains of up to 1,300%.
Pepe was launched in April 2023, based on the iconic internet meme "Pepe the Frog" created by Matt Furie in 2005. The token did not initially generate much buzz, but has gradually built a strong community.
