The price of the frog-themed memecoin Pepe ($PEPE) has surged by more than 100% over the last 24-hour period after the token was listed on the popular cryptocurrency exchange Coinbase.

According to market data, PEPE is currently up by more than 103% over the past 24 hours after seeing an explosive surge from the recent listing, to now trade at $0.0000209 per token, up from $0.000103 ahead of the listing.

The listing was revealed on the microblogging platform X (formerly known as Twitter), with a post from Coinbase’s Chief Legal Officer Paul Grewal revealed Coinbase was adding PEPE.

The surge in price led to a significant increase in profit-taking activity, with transaction volume in profit reaching a staggering $53.14 trillion, valued at $1.16 billion. This surge in profit-taking is a strong indicator of potential selling pressure, suggesting that PEPE may experience a price decline in the short term.

PEPE was a hot meme coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. 

Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.

The cryptocurrency’s price rise comes amid a wider cryptocurrency bull market that has seen the price of the flagship cryptocurrency Bitcoin (BTC) hit a new all-time high around $93,000.