PEPE becomes first meme coin to officially enter Japan’s market

Pepe has become the first meme coin to be officially listed on a Japanese cryptocurrency exchange.

As reported by CoinDesk Japan, BITPoint Japan, a centralized crypto exchange that was launched in 2016 and is licensed by Japan’s Financial Services Agency, has listed Pepe (PEPE) today.

BITPoint will offer a variety of services for the third-largest meme coin by market capitalization, which is currently valued at $4 billion with a total supply of 420.69 trillion PEPE. These services include spot trading, lending, and savings options.

Additionally, the exchange is launching two promotional campaigns. The first will offer a lottery worth 100,000 yen to 10 BITPoint users who purchase at least 10,000 yen worth of PEPE. This campaign will conclude on November 27.

The second campaign will feature a giveaway for followers of the exchange’s X (formerly Twitter) account.

PEPE’s bullish case

PEPE, which launched in April 2023, is named after the popular 2000s internet meme “Pepe the Frog.” Since its launch, the meme coin has skyrocketed by over 34,000%, currently trading at $0.0000095.

The meme coin has already been listed on major cryptocurrency exchanges such as Binance, Bybit, OKX, and Upbit, among others.

Typically, listings on large exchanges can trigger short-term FOMO (Fear of Missing Out) among investors, often driving prices upward.

Since hitting an all-time high of $0.000017 on May 27, PEPE has experienced increased volatility. However, its current Relative Strength Index (RSI) stands at 53, indicating that the asset is neither overbought nor oversold, suggesting it could be in a favorable position for a potential price surge.

This is happening as the broader crypto market is also seeing substantial gains. According to crypto.news, the global cryptocurrency market capitalization recently surpassed the $2.5 trillion mark, driven in part by continuous inflows into Bitcoin exchange-traded funds (ETFs).