Here’s why this new Pepecoin price is soaring

Pepecoin Network price has gone parabolic and reached a record high as demand for the recently launched token surged.

Pepecoin Network (PEP), a Dogecoin (DOGE) hard fork, climbed to a high of $0.001736, pushing its market cap to over $151 million. The token has increased by over 3,000% since its launch in January this year.

PEP’s surge has coincided with the recent rally of Pepe (PEPE), the third-largest meme coin in the crypto industry. Pepe has gained over 1,600% this year, and this week, its market cap rose to $10 billion. 

Pepecoin Network also saw gains as some crypto exchanges began listing the token. It was listed by CoinEx Global, a crypto exchange that handled over $953 million worth of coins on Dec. 10.

CoinEx is the first mainstream exchange to list PEP, with others including XeggeX and Nonkyc. This development increases the odds that other exchanges such as Binance, MEXC, OKX, and Bybit may add it if the token continues to gain traction. 

Pepecoin Network is significantly different from Pepe in that it operates as a proof-of-work cryptocurrency that originated from a Dogecoin hard fork. A hard fork occurs when developers create a new coin from an existing one. For example, Bitcoin forked into Bitcoin Cash, while Ethereum forked into Ethereum Classic. 

Pepecoin, therefore, shares some features with other proof-of-work coins like Bitcoin. For instance, it has a halving mechanism that periodically reduces block rewards. Its third halving occured in November, and the next one is expected on Feb. 3. 

Pepecoin aims to become the main currency for the Pepe ecosystem by offering low transaction costs. Additionally, unlike Pepe, it operates on its own blockchain, enhancing its security. 

What next for the Pepecoin Network?

The PEP price has jumped sharply this month as attention shifted to Pepe’s entry into the $10 billion market cap club. This momentum has sparked more interest from investors, with its X page gaining users and its r/Pepecoin subreddit attracting over 18,000 followers. 

There is a strong possibility that Pepecoin Network will continue rising as long as the main Pepe token performs well. If this trend persists, the token could soar and reach a $500 million market cap during this bull run. A key driver for this growth would be the potential listing by more exchanges. Conversely, a drop below $0.0010 would invalidate the bullish outlook.