Pepecoin (PEP) Up 62% as Deposits Go Live on Kraken

Pepecoin (PEP), a frog-themed memecoin, saw a massive 62% price jump today. According to the latest on-chain data from CoinGecko, the asset’s trading price is $0.000319.

The memecoin owes its recent surge to a market listing on Kraken, one of the largest centralized exchanges in the United States. This listing, though, differs from the regular listing done on most crypto exchanges.

Kraken Enables Deposits for Pepecoin

Kraken enabled deposits for PEP. This way, users can send their PEP tokens to the crypto exchange. Although trading has yet to be launched, opening deposits is seen as an early step toward full exchange listing and broader support.

Pepecoin noted in its announcement that it will be listed in “Post-Only” mode. This means that for a specific period, Kraken will allow users to place only limit orders on the PEP memecoin. This way, the order book will be filled up before trading commences.

Since deposit access comes before full trading is enabled, traders are encouraged to prepare early. This anticipation can help boost demand and liquidity, contributing to upward price movement.

The Pepecoin team mentioned that another announcement would be circulated once trading commences.

PEP Surges Over 62%

Following the announcement, PEP’s price and daily traded volume soared significantly. At the time of writing, for instance, the memecoin’s 24-hour traded volume sits above $281K, representing nearly a 90% surge. Its market capitalization is currently at $32.68 million, which is also a significant increase.

While PEP’s recent price movement is commendable, it is worth noting that its long-term value has declined significantly. After reaching an all-time high of $0.001824 in December 2024, it is now trading 82.5% below its peak.

This is not an isolated case. Recall that 2024 was an explosive year for memecoins, as their cumulative valuation surpassed hundreds of billions of dollars. The bullish trend continued into early 2025. However, as the hype dropped, so did the market’s overall valuation. Currently, the memecoin market is valued at $33.2 billion, representing a 2.2% drop in the past 24 hours.

Granted, some memecoins still experience short-term jumps. However, most of the spotlight has shifted to more established projects. As a result, memecoins no longer generate the same level of widespread attention.

What Makes Pepecoin Stand Out

Pepecoin is more than just a meme-inspired coin. It runs on its own layer-1 blockchain and uses merged mining. This allows miners to support multiple networks simultaneously, helping keep the network secure. It enables mining of Litecoin, Dogecoin, and Pepecoin at the same time.

The memecoin uses the proof-of-work (PoW) consensus mechanism. Although generally slower than its proof-of-stake (PoS) counterpart, this algorithm is widely known for its security.

Launching a blockchain showed that Pepecoin’s team is committed to building and growing the memecoin project. Around the time of its launch in 2024, various projects have emerged with the intent of capturing investors’ funds and disappearing through a back door. However, Pepecoin’s approach has won the attention of over 12,400 followers.

The memecoin’s mascot portrays the popular frog character in Matt Furie’s Boy’s Club book. Following the launch of PEPE the Frog, various memecoin projects have emerged, with narratives centered on the character. Pepecoin is one of them.

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