PEPE and Dogwifhat (WIF) Find Buyers After Coinbase Announces It Will List Meme Coins

The meme coin supercycle continues, and after Coinbase announced that it would list PEPE and Dogwifhat (WIF), meme coins of all sizes are finding buyers.

Coinbase is planning to add meme coins to its exchange.

The price of PEPE increased by 69% after Coinbase announced that it would list the meme coin on social media with a simple frog emoji. Meanwhile, WIF surged by 40%.

Coinbase, the third-largest centralized exchange in terms of market share, posted a post four hours after making this announcement, asking, “What rhymes with frog?”

This announcement came after the rise of the PNUT memecoin, which was supported by Elon Musk’s tweet, “America was saved by a squirrel and a meme coin!” The token surged by 1000% in the last seven days after being listed on Binance earlier this week.

Other major memecoins like POPCAT are also rising as investors look to get a head start on the next potential token that could land on Coinbase.

“Coinbase has been refusing to list useless meme coins since 2022… Today’s announcement lifts the lid on all meme coins,” an investor, who goes by the handle Chumbawumba, said.

PEPE was priced at around $0.000013 at the start of yesterday’s trading session. However, a cryptic post on X by Coinbase General Counsel Paul Grewal revealed that the exchange will be listing the meme coin.

“You’ve been wanting the frog for a long time. You’ll be getting the frog soon. Coinbase is adding PEPE to its listing roadmap and we’re aiming to list it later today. Thanks for your patience,” Grewal wrote.

Coinbase also confirmed the listing announcement with a frog emoji, and as expected, the listing was officially made later that day.

Interestingly, the announcement coincided with Robinhood’s decision to list the meme coin, which pushed PEPE’s price to $0.000022.

Moreover, PEPE’s price increase brought its trading volume to $53.14 trillion, which is valued at $1.16 billion. From a price perspective, an increase in this metric indicates selling pressure. Therefore, the token is likely to experience a pullback in the short term.

Although profit-taking has decreased at the time of writing, the Relative Strength Index (RSI) suggests that PEPE could still experience a short-term decline. The RSI is a momentum oscillator used to assess the speed and magnitude of a cryptocurrency’s recent price movements. It fluctuates between 0 and 100 and usually identifies overbought or oversold conditions.

On the daily chart, the meme coin reached a new all-time high of $0.000023, according to altcoin trader Landon Manning. While there is no resistance at the above levels, the overbought situation is indicating a pullback for the token.