The meme coin based on the avatar of Pepe the Frog rose by 42% on November 13 during a lull in the stock market. This quickly came after it was listed on two of the largest exchanges in the United States of America, Coinbase and Robinhood, which revived the crypto market.
Two of the biggest platforms in the U.S., Coinbase and Robinhood, are igniting renewed excitement in the crypto market. The listing came in succession with increased expectations in the crypto market due to the political events surrounding the US presidential election.
A popular trading platform, Robinhood, recently stated that it was bringing back the following assets for trading: Cardano (ADA), Solana (SOL), and Ripple (XRP), in addition to including a new asset, PEPE. This was the first time in four years that Robinhood enabled the trading of XRP after delisting it following legal cases between Ripple Labs and the U.S. Securities and Exchange Commission.
The move to list ADA and SOL again, delisted in Solet in 2023 due to regulatory issues, comes when investors have yet to determine their regulatory standing. The legal position under the law of the SEC has been raised on whether these tokens could be considered securities, but the situation changed dramatically after the US presidential election.
Political Transitions and the Emergence of PEPE
As the chart shows, PEPE spiked at the same time as the pro-Bitcoin candidate Donald Trump won the US presidency. Pisani explains that Trump’s stance on eliminating the crypto industry’s regulations and his word to fire Gensler, who has been perceived as an opponent of the sector, has generated positive energy in crypto.
Trump’s administration has also promised to bring back popular icons, such as Elon Musk of the newly formed Department of Government Efficiency. The world’s richest man, who recently has been backing Dogecoin (DOGE), has long adhered to policies affirmative of crypto. This involvement is viewed as a sign that favourable regulatory elaborations in favour of the industry are also possible. Since the elections, over 250 politicians who have expressed positive sentiments towards crypto are now in Congress.
Meme Coins Gain Traction
After emerging as the presidential winner, Trump’s brief and stance boosted the meme coin market. Consequently, other meme coins also climbed higher to boost the meme coin sector, with all cryptocurrencies pushing the overall market capitalization to over $3 trillion.
Binance and Coinbase identify an extensive list of meme coins because they expect Washington’s policies to support technology in the industry soon.
The largest exchange in the United States, Coinbase, has also included PEPE on the spot market. This came with the listing of Robinhood, which saw even more massive sentiments for the meme coin. The cryptocurrency rallied to a new record high in the days after the listings as the larger meme coin space rose, following the broader bullish trend.
With major cryptos still unclear, meme coins such as PEPE signal the roles played by politics and the market in shaping crypto’s future.
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