In a move that highlights the growing influence of meme coins in the cryptocurrency market, oinbase">Coinbase International Exchange has announced the launch of perpetual futures trading for the PEPE meme coin. According to the announcement, PEPE futures trading will be available on the oinbase">Coinbase International and oinbase">Coinbase Advanced platforms starting on or after 9:30 a.m. UTC on April 18.
The decision to list PEPE perpetual futures marks a significant shift in oinbase">Coinbase’s stance towards the controversial meme coin. Previously, the exchange had reservations about listing PEPE due to its association with controversial hate symbols. However, the move to introduce futures trading for PEPE suggests that market demand and the meme coin trend have likely influenced oinbase">Coinbase’s decision.
Amidst the news, PEPE’s value reacted positively, with an immediate rise of nearly 10%, according to CoinMarketCap data. Over the previous 24 hours, PEPE showed a 6.5% gain, reaching a value of $0.0000074.
PEPE’s listing on oinbase">Coinbase is particularly noteworthy given its status as the fourth-largest meme coin by market capitalization, valued at $3 billion. The market’s enthusiasm for meme coins and PEPE’s prominence as a leading Ethereum (ETH) token likely played a crucial role in oinbase">Coinbase’s decision to explore futures trading for the asset.
In recent months, PEPE has experienced significant momentum, with its value surging 350% in a week at the beginning of March, making it the third-largest meme coin by market capitalization. The meme coin’s 600% monthly increase and substantial withdrawals and investments have fueled an “Extreme Greed” sentiment among its investors.
oinbase">Coinbase’s introduction of PEPE perpetual futures trading represents a significant step in the exchange’s efforts to cater to the growing demand for meme coins and capitalize on the burgeoning market. As the popularity of meme coins continues to rise, other major exchanges may follow suit, embracing these unconventional assets and exploring new trading opportunities for investors.
