However, the Pepe the Frog-inspired meme coin PEPE soared 42 percent on November 13 after it announced lists on major trading platforms Coinbase and Robinhood U.S. Even with mainstream cryptocurrency market optimism, the token rose as politics turned pro-crypto.
Robinhood brought back trading support for Cardano (ADA), Solana (SOL), and Ripple (XRP). The relisting of XRP is a major turnaround, as four years ago, the token was delisted because of still ongoing litigation between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
It also means that ADA and SOL are unexpected to be back after being banished in 2023 in the wake of the Securities and Exchange Commission’s (SEC) concerns regarding potential securities classification. While the regulatory clarity of these tokens eludes any delineation, Robinhood’s decision is a change in direction, likely caused by changes in the political and economic contexts.
Meme Coins See Growth Amid Market Surge
Donald Trump’s win in the U.S. presidential election saw the crypto market rewarded for years of hard work. Too vocal a supporter of blockchain and cryptocurrencies for the taste of many cryptocurrency enthusiasts, the President elect has promised a rollback of very strict regulations on emerging technologies. Trump also vowed to replace SEC Chair Gary Gensler, a critic of the crypto industry.
The optimism is increased with Trump’s announcement of the addition of tech magnate Elon Musk as a member of his Department of Government Efficiency. This all comes as Musk’s support for Dogecoin has been well documented, and his appointment has led to ideas of a new crypto-friendly era.
These developments are palpable with mere meme coins like PEPE and Dogecoin skyrocketing. Coinbase and Robinhood added the token to their rosters at the same time as it reached an all-time high for PEPE.
The Ethereum-based layer 2 solution called Base, launched by America’s largest crypto exchange, Coinbase, also put PEPE for spot trading. The listings come as the broader market races to $3 trillion altitude on investor fervor over Washington’s perceived pro-crypto stance.
The industry is expecting friendlier policies and seeing them implemented, with 250-plus pro-crypto politicians now sitting in Congressional seats. On one hand, centralized exchanges like Binance and Coinbase are picking up meme coins, as there is clearly a rise in the demand for these assets.
The crypto market appears to be getting ready for a period it has dubbed a “golden age” of crypto, driven by the possibility of regulation and a new perception of nontraditional investors, even though Trump’s election victory is still days and months away.
