Pepe (PEPE), a widely traded memecoin, has experienced a significant surge, with its value rising by approximately 85% in the last 24 hours, reaching $0.00002375.

This recent upswing has catapulted Pepe's market capitalization to an astonishing $9.92 billion, representing an impressive 81.25% increase. Trading volume has also witnessed a surge, with $20.19 billion being exchanged in the past 24 hours, reflecting a notable 207.81% rise.

Source: CoinmarketCap

Coinbase's announcement on November 13 that it would support the Pepe token on the Ethereum network as an ERC-20 asset is widely seen as the catalyst for this recent rally. Trading commenced on the PEPE-USD trading pair yesterday at 11:30 AM ET, subject to sufficient liquidity.

Coinbase has emphasized that users should only transfer PEPE through the Ethereum network to avoid potential losses. The announcement generated an immediate positive response, causing Pepe's price to soar by over 49% shortly after its release, highlighting the market's enthusiasm for the token's listing.