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

Pepe (PEPE), the largest Ethereum-based memecoin by market capitalization, continues to rally after its recovery began on November 5th. PEPE has surged approximately 230% from its November 5th low of around $0.0000078, reaching an all-time high of $0.00002597 on November 14th.

Data from Cointelegraph Markets Pro and TradingView shows PEE trading at $0.00002093, a 15% increase over the past 24 hours and a 104% increase over the last seven days.

PEPE's trading volume has jumped 124% over the last 24 hours to $19.6 billion, and its market capitalization briefly touched $10.2 billion on November 14th before retracing to its current level of $8.8 billion.

Factors Fueling PEPE's Price Momentum:

• Exchange Listings: PEPE's price surge coincides with several major cryptocurrency exchanges listing the memecoin. Robinhood Crypto, Coinbase, and Upbit have all announced support for PEPE trading.
• Positive Market Sentiment: Memecoins as a whole have experienced a rally, with Dogecoin (DOGE) and Shiba Inu (SHIB) posting gains over the past 24 hours. This positive sentiment has contributed to PEPE's upward momentum.
• Speculation on Crypto-Friendly Business Environment: Investors are optimistic about a crypto-friendly business environment in the US under President Donald Trump's administration. This anticipation has fueled risk-on asset buying, including memecoins.

Open Interest Supports Upside:

• PEPE's open interest (OI) has surged by 160% over the past seven days, rising to an all-time high of $282.2 million on November 14th. This indicates growing market interest and anticipation of further price gains.
• Increasing demand for leveraged long positions in PEPE is evident in the OI-weighted futures funding rate, suggesting bullish sentiment among futures traders.

This article does not provide investment advice. All investments involve risk, and readers should conduct their own research before making decisions.