PEPE rose 78% to an all-time high as the memecoin market cap surpassed $116 billion.

Pepe (PEPE), the largest Ethereum-based memecoin by market capitalization, is on track to continue the recovery that began on November 5. PEPE rose approximately 230% from its low of approximately $0.0000078 on November 5, with the price hitting an all-time high of $0.00002597 on November 14.

PEPE is trading at $0.00002093, up 15% in 24 hours and 104% over the past 7 days, according to data from Cointelegraph Markets Pro and TradingView.

PEPE’s trading volume has increased 124% over the past 24 hours to $19.6 billion, and its market capitalization has also surged, briefly reaching $10.2 billion on November 14 before falling back to its current level of $8.8 billion.

Let’s take a look at what has fueled PEPE’s price momentum over the past week.

PEPE price rises on Coinbase, Robinhood listing

PEPE’s achievement comes as several major cryptocurrency exchanges have listed MEMCOIN. On November 13, Robinhood Crypto announced that Pepe, Solana (SOL), Cardano (ADA), and XRP (XRP) were now available for trading to U.S. customers.

Shortly after Robinhood’s announcement, Coinbase also declared that it would list PEPE later on November 13th. Coinbase is the largest cryptocurrency exchange in the U.S. and the third largest exchange globally by trading volume, so listing there is expected to push PEPE even higher. .

Likewise, Upbit, Korea’s largest cryptocurrency exchange, allowed trading of the PEPE trading pair on November 16. The Korean exchange ranks fifth in CoinMarketCap’s top spot exchanges. In the last 24 hours, Upbit processed more than $8.7 billion in trading volume.

This list comes after Donald Trump was elected as the next President of the United States. During his campaign, Trump promised to fire Securities and Exchange Commission Chairman Gary Gensler, who has repeatedly sued U.S. exchanges for listing speculative tokens like PEPE.

Memecoin blinks green overall.

PEPE’s rally on November 14 reflects bullish price action across the broader memecoin sector. Most cryptocurrencies in this sector have recorded double-digit gains over the past day.

Solana-based Dogwifhat (WIF) has posted a daily gain of 30%, while Base’s Brett (BRETT) is up 38% over the same period.

This broad rally has pushed the total memecoin market value to $116.5 billion, up 111.5% in the past week, according to CoinMarketCap data.

Over $75.7 billion worth of Memcoin trading volume was recorded in the last 24 hours alone. This resurgence is being driven by investors once again embracing risky assets such as memecoins amid rising expectations for a cryptocurrency-friendly business environment in the United States under the Trump administration.

PEPE’s upward trend is supported by the increase in open interest.

The surge in PEPE price over the past seven days follows a significant surge in open interest (OI) over the same period.

Open interest is a key indicator used by traders and analysts to assess market sentiment and predict future price movements.

PEPE’s total OI across all exchanges increased by 160% from $108 million on November 5 to an all-time high of $282.2 million on November 14.

Additional data from CoinGlass shows that demand for leveraged long positions in PEPE has increased over the past few days, as evidenced by the OI-weighted futures funding ratio.

The current 8-hour rate of 0.0327% translates to a cost of 0.68% over 7 days, which has important implications for traders building futures positions.

An increasing funding ratio usually means futures traders are optimistic and expect prices to rise in the future, which could indicate a continuation of the upward trend.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.