The popular meme cryptocurrency PEPE has seen a massive surge in price over the past week, rallying an impressive 50% and pushing its market capitalization to around $3.2 billion. As of today, PEPE is trading at approximately $0.0000077 per token after hitting an all-time high of around $0.00001 back in mid-March.
This latest bull run for the Pepe-inspired meme coin appears to be driven primarily by a major announcement from leading cryptocurrency exchange Coinbase. Today, Coinbase revealed that it will be launching a PEPE perpetual futures market, providing traders with the ability to take leveraged positions on the volatile asset.
The new “1000PEPE-PERP” perpetual futures contract is set to go live on Coinbase’s professional trading platform at 9:30 am UTC. Alongside the standard exchange, the futures product will also be made available on Coinbase Advanced, catering to more experienced and active traders seeking advanced market instruments.
JUST IN: Coinbase launches $PEPE perpetual futures.
— Watcher.Guru (@WatcherGuru) April 23, 2024
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Why Coinbase Listing PEPE Perpetuals Is So Bullish
The listing of PEPE perpetual futures on a major exchange like Coinbase is an incredibly significant development for the meme coin project. It represents a couple of key milestones that could act as major catalysts for further price appreciation.
First and foremost, the launch of PEPE futures provides the asset with greatly enhanced liquidity and trading volume. Perpetual futures contracts allow traders to take highly leveraged positions without needing to worry about funding rates or contract expiries. This makes them exceptionally popular instruments, especially for speculative assets like PEPE.
With its listing on Coinbase, PEPE now has exposure to one of the deepest and most liquid order books in crypto. This improved liquidity and the ability for traders to open leveraged positions is a perfect recipe for increased volatility – something meme coin traders thrive on.
Additionally, Coinbase listing any asset acts as a major stamp of legitimacy and approval from one of the most reputable and regulatory-compliant exchanges in the industry. For a meme coin like PEPE that has often been viewed as a risky, speculative asset, having Coinbase’s backing could go a long way in attracting more mainstream investment.
After all, exchanges like Coinbase have incredibly robust due diligence processes that assess factors like security, regulatory compliance, and developer activity before listing new assets. While PEPE may have started as a joke, its listing on Coinbase signals that it has clearly evolved into a relatively mature and sustainable project in the eyes of one of the industry’s gatekeepers.
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Show more +PEPE Outperforming Other Leading Meme Coins
In addition to today’s Coinbase futures listing announcement, PEPE has also benefited from a broader resurgence in meme coin trading over the past week. During this period, PEPE has outperformed many of the other leading meme cryptocurrency projects.
For example, while PEPE is up around 50% over the past seven days, meme coin rivalry BONK has “only” rallied 37%. The industry’s original meme coin Dogecoin has seen relatively muted gains of just 6%, while even Shiba Inu – arguably PEPE’s closest competition in the dog meme coin space – has underperformed with a 22% weekly increase.
This outperformance of PEPE compared to its peers could be indicative of the project’s growing clout and cultural relevance. It’s worth noting that PEPE has successfully leveraged the brand power and dedicated community cultivated by the ubiquitous Pepe the Frog meme, along with an extensive array of character non-fungible tokens (NFTs).
With meme coins once again capturing crypto traders’ attention and Coinbase providing PEPE with key foundations like improved liquidity and legitimacy, all the pieces may be in place for a substantial continuation of this latest meme coin frenzy.
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