Why is a silly meme coin called Pepe going crazy?
A silly meme coin represented by a cartoon frog is going crazy to the tune of a 100% gain over the past week.
So what exactly is going on here?
PEPE describes itself as “a meme coin built upon the legacy of Pepe the Frog, a popular internet character … the cryptocurrency draws on the lighthearted and humorous nature of the meme to create a unique and engaging digital asset.”
Investors in the upstart crypto are certainly feeling lighthearted after a big run recently, especially considering it had been struggling for the past 6 months or so.
What changed?
Why Pepe is running now
Why is Pepe spiking now?
There are a couple of reasons.
The first is that two major crypto trading apps — Robinhood and Coinbase — added Pepe as a tradeable asset on their platforms Wednesday (with a handful of others).
This opened up ownership to a whole new set of potential buyers.
The second is Donald Trump’s victory in the U.S. presidential election last week.
Trump has signaled his strong support for the crypto industry on several occasions, and he may try to pressure regulators to back off once he returns to the…
