Coinbase Listing Propels PEPE Token to Record Highs

The listing of PEPE coin on Coinbase's perpetual futures market has triggered a 33% price surge, propelling it to become the 45th-ranked cryptocurrency. This phenomenon, known as the "Coinbase effect," often boosts asset prices due to increased investor exposure and demand.

Coinbase Effect Propels PEPE Token to New Heights

The cryptocurrency market has witnessed a surge in the value of PEPE, a memecoin that recently made its debut on the prominent cryptocurrency exchange Coinbase. This listing has triggered a remarkable 33% increase in PEPE's price over the past seven days, propelling it to the 45th position among cryptocurrencies.

Historically, the listing of digital assets on Coinbase has often sparked a price rally, and PEPE has become the latest beneficiary of this phenomenon. Experts believe that Coinbase's extensive user base exposes listed assets to a wider pool of investors, generating increased interest and demand.

At the time of this writing, PEPE is trading at $0.000007, a 7% surge since the previous day. Over the past week, the memecoin has rallied by more than 33%, with its market capitalization exceeding $2.8 billion. This impressive performance is largely attributed to its Coinbase listing.

Initially scheduled for April 18th, the listing was delayed until April 23rd. The official announcement from Coinbase International Exchange stated:

"Coinbase International Exchange and Coinbase Advanced will add support for Pepe perpetual futures on or after 9:30am UTC on 23 APR 2024."

The listing coincides with a resurgence of interest in memecoins among investors. Coinbase further fueled the enthusiasm by announcing the upcoming perpetual futures trading for Dogwifhat (WIF), another popular Solana-based meme coin, commencing on April 25th.

PEPE's outperformance has not only outpaced its memecoin counterparts but also established cryptocurrencies like Bitcoin and Ethereum. Bitcoin, currently trading at $66,300, has gained 4% in the last week, while Ethereum, the blockchain on which PEPE is built, has risen by 2.5%.

With the latest Bitcoin halving event behind us, the wider cryptocurrency market has adopted a bullish outlook.

Sustained Bullish Momentum for PEPE

Beyond the Coinbase listing, several technical indicators suggest that PEPE's bullish momentum may be sustained. The coin's price has recently surpassed its two-month average, indicating a potential reversal from its recent dip and the possibility of further price increases.

Another positive signal is the impending crossover of the coin's short-term average price above its 55-day exponential moving average (EMA55). This "golden cross" formation is often interpreted by technical analysts as a strong confirmation of a sustained bull market, characterized by prolonged price gains.

However, the Relative Strength Index (RSI) currently stands at 51, indicating a lack of clear dominance by either bulls or bears. Additionally, the Average Directional Index (ADX) sits at 20, suggesting a weak trend. This may imply that the recent price drop is losing steam, potentially setting the stage for a reversal.

In conclusion, the Coinbase listing has ignited a surge in PEPE's value, showcasing the transformative effect that major exchange listings can have on digital assets. Technical indicators point to a potential continuation of the bullish trend, although investors should remain mindful of the market's inherent volatility and make informed investment decisions accordingly.