PEPE, the Ethereum-based meme cryptocurrency inspired by the iconic Pepe the Frog character, has been listed on the major crypto exchange Bitstamp.
Founded in 2011, Bitstamp is one of the longest-standing and most regulated centralized crypto exchanges (CEXs), serving more than four million customers worldwide in over 100 countries.
However, instead of highlighting this milestone, the PEPE price reacted unexpectedly, dropping before rebounding to trade up 1.59% in the last 24 hours to $0.000001114.
Bitstamp lists Pepe
On Feb. 13, Bitstamp announced the listing of PEPE on its platform, along with LMWR and BLUR.
PEPE's listing on Bitstamp was significant for the meme coin because of the opportunity it presents for increased liquidity and exposure.
However, contrary to expectations, PEPE's listing on Bitstamp did not cause a significant market reaction. This was unexpected and perplexing because it contradicted the typical trend of price gains that follow a big exchange listing.
PEPE is struggling to break over the $0.00000114 resistance level following a rise that began on Monday. Notably, PEPE has been on a quiet rebound since Feb. 5, when it established support at $0.00000087.
Following its most recent increase, the PEPE price encountered resistance at the $0.00000114 level, which coincided with the 50-day moving average (MA), a major indicator of long-term trends. The price failed to close above this level, and the sellers booked their profits.
The bulls are currently making another run at this level, with PEPE reaching intraday highs of $0.00000112 at press time.