PEPE Memecoin Soars After Coinbase Futures Debut

Amidst moderate gains in Bitcoin and Ethereum, PEPE memecoin has emerged as a notable performer, surging over 10% in the past 24 hours following the announcement of its perpetual futures listing on Coinbase International. This move enhances liquidity and exposure for the asset, contributing to its impressive 35% growth in the last week.

PEPE Memecoin Soars Following Coinbase Futures Debut

In a market dominated by modest gains, PEPE, an Ethereum-based memecoin, has emerged as a standout performer, surging over 10% in the past 24 hours. The rally follows the highly anticipated listing of PEPE perpetual contracts on Coinbase International, the global arm of the largest U.S. crypto exchange.

Since the listing announcement, PEPE's price has skyrocketed from $0.00000572 to its current value of $0.000006793, marking a remarkable 18.75% surge. Over the past seven days, the asset has witnessed an impressive 42.5% jump, outpacing the gains of leading cryptocurrencies like Bitcoin and Ethereum.

Coinbase's addition of PEPE futures contracts has significantly increased liquidity and exposure for the asset. The opening of the 1000PEPE-PERP market, initially scheduled for April 18, was delayed due to technical reasons but is now set to commence on Tuesday, April 23.

The listing news received overwhelming support on Crypto Twitter, with many users expressing excitement about the potential implications for PEPE's growth. Coinbase also announced plans for perpetual futures involving Dogwifhat (WIF), a prominent Solana memecoin, with trading slated to begin on April 25.

PEPE's recent surge is a continuation of its impressive rally that began in late February amid a broader memecoin trading frenzy in the crypto markets. The coin soared by over 700% from the end of February to an all-time high of $0.00001074 on March 14. Although it underwent a significant correction thereafter, retracing by almost 50%, the latest rally suggests that PEPE is poised for further gains.

Currently, PEPE's futures contracts have seen a substantial 25% increase in open interest, totaling $224.50 million. This surge indicates growing institutional interest in the asset, adding further credence to its bullish outlook.

Analysts expect PEPE's upward momentum to continue in the short term, citing the positive effects of the Coinbase listing and the overall bullish sentiment in the broader crypto market. However, they caution investors to exercise caution and conduct thorough research before investing in highly volatile assets such as memecoins.