Unsealed by the news today: Robinhood is bolstering its crypto offerings by adding tokens like XRP and memecoin Pepe to attract a large user base as its first crypto product becomes increasingly popular after Donald Trump’s election victory.
Retail brokerage made news by saying it was adding new cryptocurrencies to its platform—like the return of Solana and Cardano, the SEC had kicked off its previous crackdown. Crypto interests are emerging as Bitcoin sees its price spike over $90,000 after the recent elections. Bitcoin went soaring at an astonishing $92,000 on Wednesday afternoon, exposing which direction the market is headed in.
Trump’s victory is changing the crypto area and making new tokens like Pepe popular
Trump has positioned himself as a strong ally of the cryptocurrency sector, earning the nickname “crypto president.” His campaign consistently endorsed digital currencies, promising to create a “bitcoin national stockpile” and even launching a stablecoin through his crypto venture. Analysts also expect Trump to relax restrictions on cryptocurrency to some extent in his next term and permit regulatory changes that favor it, typically taking steps to ease the restrictions on trading platforms and digital currencies. Additionally, he said he has been planning to boot SEC chair Gary Gensler, an advocate for deep cryptocurrency regulation.
Market dynamics shift, and Solana and Cardano are reborn. This is a continuation of the SEC’s attempts to go after big exchanges like Coinbase and Binance and claim certain tokens, such as Solana, are unregistered securities. Trump’s victory is the chance of a lifetime for cryptocurrencies, industry advocates say, and if there’s anything, regulatory relief may come.
Pepe, a new memecoin inspired by the iconic “Pepe the Frog” internet meme, has propelled itself into the spotlight, outperforming even Dogecoin in recent trading gains. Since major exchanges such as Robinhood and Coinbase were announced, Pepe’s market cap went above $10 billion and attracted massive retail interest.
In mere hours after the announcement, Pepe’s trading volume reached an impressive $24 billion, as the token’s value surged to an all-time high of $0.00002299. This can be compared to Dogecoin, which has a massive market cap of $56 billion and a trading volume of $28 billion during the same period. It’s a buzzy meme coin market fueled by political change and market momentum, making this a rich space in cryptocurrency.
Analysts are speculating about Pepe’s future. Daan de Rover, founder of the automated crypto trading platform CryptoSea, notes that “The Pepe breakout starts now,” suggesting potential for significant growth ahead. As the meme coin market grows, Pepe joins a crowded pack of popular tokens such as Dogecoin and Shiba Inu in taking investors’ bets on meme-themed cryptocurrencies.
Following a familiar path in past election cycles, the memecoins have surged as many political events have often catapulted the crypto space into dramatic price movements. The involvement of figures like Elon Musk and the funny branding around memes in a playful digital economy drive this volatility and appeal.
The cryptocurrency market is embracing a new political landscape for the U.S. as the country continues to trend into these changes. The blurring of politics and crypto represents, in a way, a second story that stitches together serious financial strategies with the goofiness of internet meme culture, attracting a broad audience.
Image credit: Furkan Demirkaya/Flux
