- Coinbase’s decision to introduce PEPE futures on its platforms reflects this trend, allowing investors to speculate on the futures price without directly holding the asset.
- Despite initial reservations due to its controversial associations, Coinbase’s move to offer PEPE futures signals a shift likely driven by market demand.
Amid the strong demand for meme coins currently, top crypto exchanges are rushing to offer derivatives trading for them. On Thursday, April 11, crypto exchange Coinbase stated that Coinbase International and Coinbase Advanced platform will allow trading for PEPE futures starting April 18.
The PEPE coin futures trading will allow investors to bet on the futures price speculation of the underlying asset without holding the asset.
Coinbase had initially hesitated to list PEPE due to its association with controversial hate symbols. However, the recent decision to introduce PEPE futures signifies a change, possibly driven by market demand and the prevailing trend of meme coins.
PEPE ranks as the fourth largest meme coin in terms of market capitalization, valued at $3 billion. The growing interest in meme coins, coupled with PEPE’s status as a prominent Ethereum (ETH) token, likely influenced Coinbase’s decision to explore futures trading for PEPE.
In March, PEPE experienced a remarkable surge in value, with a 350% increase in just one week, propelling it to become the third-largest meme coin by market capitalization, boasting a 600% monthly rise. The ongoing momentum behind PEPE, characterized by significant withdrawals and investments, reflects a prevailing sentiment of “Extreme Greed” among its investors.
PEPE Price Jumps after Coinbase News
Following the announcement, PEPE experienced a swift uptick in value, surging by nearly 10%. In the last 24 hours, PEPE displayed a 6.5% increase, reaching $0.0000074.
Pepe (PEPE) is a viral cryptocurrency inspired by the popular frog meme that gained widespread attention in 2023. During the recent surge in meme coin popularity, its price soared to an all-time high of $0.00001074, propelling Pepe from the top 100 to the top 50 cryptocurrencies by market capitalization.
Surpassing Optimism in market cap, Pepe’s resilience in the face of market fluctuations underscores sustained investor interest. Analysts project a potential 229% price increase for Pepe in future meme coin rallies, potentially reaching $0.00002566. As one of the notable meme coins to monitor, Pepe remains a focus for investors in the upcoming months, per the Crypto News Flash report.
On the other hand, PEPE coin has been facing some competition from Solana-based meme coins such as dogwifthat (WIF). This Solana-based meme coin has been an outperformer in the market over the past few months. Amid the 2000% rally in Dogwifthat, the meme coin has now become the third-largest in its category surpassing top players like PEPE, per the Crypto News Flash report.
Santiment reports that with Bitcoin reclaiming the $70K threshold, memecoins are still reaping the rewards of trader profit-taking. Despite debates on their relevance in the crypto sphere, memecoins have outperformed competing altcoin groups in the past week, showcasing their dominance.
As #Bitcoin has bounced back above $70K now, #memecoins have continued to see the benefits of trader profit distribution. The sector, regardless of the crowd's polarizing stances on their existence in the #crypto space, has been dominant over other competing #altcoin groups… pic.twitter.com/jsIRZMysLD
— Santiment (@santimentfeed) April 10, 2024
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