Coinbase Futures Listed PEPE. The Price Grew by 17%
Coinbase expands its offering portfolio by adding perpetual PEPE futures. Memecoin responded with a 17% rise and surpassed Dogwifhat in terms of trading volume and more.
As of April 23, 2024, 1000PEPE-PERP trading became available on Coinbase, giving traders more available strategies for hedging. The contract was originally scheduled to launch on April 18, 2024. Interestingly, the perpetual PEPE contracts came about after a brief altercation between Coinbase's CEO and the memecoin community, with Armstrong insulting PEPE holders.
Your timing could not be better. $PEPE
— Julius 🐸 (@Chronova2002) April 22, 2024
SPOT IS INEVITABLE. https://t.co/9vxTVTSgWX pic.twitter.com/LAoarpUQWS
PEPE returned to the top 50 cryptocurrencies by global market capitalization, with an increase of 17% amid the announcement. The memecoin also managed to dislodge its closest competitor, the Dogwifhat token, in terms of market capitalization. Additionally, PEPE's frog-themed trading volume at one point exceeded $1.5 billion, putting PEPE on par with coins such as XRP (XRP), Dogecoin (DOGE), and BNB Coin (BNB).
The coin's open interest (OI) also rose by 17.29%. CoinGlass data shows that PEPE is the only memecoin among rivals Shiba Inu (SHIB) and Dogwifhat (WIF) that managed to surpass the $1 billion mark in daily volume. PEPE is currently trading at $0.00000759, hitting a new weekly high.
