Coinbase Lists Pepe (PEPE) For New York Residents, Price Up By 7.5%

Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it has made Pepe (PEPE), the popular meme coin, available for trading to residents of New York. This marks a significant development for the token, as users in the state can now buy, sell, send, and store PEPE directly on the Coinbase platform, including both its website and mobile apps.

The addition of PEPE to Coinbase’s offerings is seen as a major milestone for the meme coin, which has gained substantial traction in recent months.

Market Reaction to the Coinbase Listing

The news of PEPE’s listing on Coinbase to residents of New York has had an immediate positive impact on the token’s price. After the announcement, PEPE is trading at $0.00001963, up by 7.5% in the last 24 hours. 

The token’s market cap has grown to $8.26 billion, and its 24-hour trading volume surged by 17.05%. The token has also seen a remarkable 108% increase in value over the last month, signalling growing interest and optimism around the memecoin.

One of the key factors driving this price movement is the increasing trading volume, which has shown signs of continued investor interest. On-chain data reveals that large investors, known as whales, have been actively buying PEPE. 

One whale transferred about $1 million worth of PEPE from Binance, while another whale bought more than $2.7 million. These actions suggest that institutional interest in Pepe is on the rise, further bolstering its price.

Potential for Pepe in the Memecoin Market

In addition to the listing news, there are other factors contributing to the positive outlook for PEPE. The coin’s substantial trading volume, when compared to other memecoins, has made it stand out in the market. 

Crypto trader MaxBecauseBTC, who has a strong following on social media, believes that Pepe has the potential to join the ranks of established meme coins like Dogecoin and Shiba Inu. He predicts that, unlike many other meme coins that may fade into obscurity, Pepe’s appeal will allow it to remain a strong contender in the space.

According to Max’s analysis, investors in memecoins are making a “flight to quality” by moving their money from less valuable assets to ones with higher speculative value. This trend, he suggests, could lead to a significant revaluation of high-potential meme coins like Pepe, as investors look for tokens with sustained momentum and growth potential.

Pepe’s listing on Coinbase for New Your residences is a major boost for the token and could mark the beginning of a new phase in its journey. As more investors and whales show interest in PEPE, the coin’s position in the meme coin market may continue to strengthen.

While memecoins are often seen as highly speculative, PEPE’s recent growth and positive market sentiment suggest it could be one of the few that stands the test of time.