Pepe rallies following Coinbase perpetual futures listing amid impressive gains across top meme coins

Source Fxstreet
Apr 23, 2024 20:13
  • Coinbase International Exchange and Coinbase Advanced has listed Pepe perpetual futures contract after earlier delays.
  • Coinbase's Pepe perpetual futures listing and the recent Bitcoin halving could see PEPE sustain its rally.
  • Large-cap meme coins might kick-start meme frenzy again after posting impressive gains.

Pepe (PEPE) recorded nearly a 16% gain on Tuesday after Coinbase International Exchange and Coinbase Advanced listed PEPE perpetual futures contracts on their respective platforms. Other meme coins also posted impressive gains as the meme coin frenzy looks set to resume.

Read more: Doge contributor warns of extreme volatility amid Coinbase listing of DOGE and PEPE futures products

Pepe perpetual futures goes live on Coinbase

Pepe had meme coin traders on their toes for the past two weeks after Coinbase earlier announced it would list perpetual futures for the rising meme coin on April 18. However, Coinbase had to postpone the launch due to "technical reasons." Many traders expected a rally, considering the launch would have happened two days before the fourth Bitcoin halving.

After five days of delay, the exchange announced its Pepe perpetual contract went live on Tuesday.

Institutions can access the 1000PEPE-PERP market through Coinbase International Exchange, while retailers can access it through the Coinbase Advanced platform.

It's important to note that the PEPE perpetual futures contract is only available to non-US residents and institutions via the respective platforms.

"You can now trade 1000PEPE-PERP with up to 10X leverage," stated Coinbase Advanced.

Also read: DOGE, SHIB, PEPE, WIF soar as meme coins prove to be a global shelling point for speculative liquidity

Following the announcement that 1000PEPE-PERP had begun trading, PEPE saw a surge, posting a move reminiscent of its price movement during the meme coin frenzy in March.

Many crypto community members expect PEPE to continue trading higher as the effect of the recent Bitcoin halving has been sending its price up even before the Coinbase perpetual futures listing. In the past week, PEPE has increased about 53%. With both factors, PEPE could lead the meme category into a new meme coin frenzy.

PEPE/USDT 1-hour chart

PEPE/USDT 1-hour chart

Meme coin frenzy could resume following huge weekly gains across meme category

Dogwifhat (WIF) also recorded a more than 18% gain in the past week as its perpetual futures is set to also go live on Coinbase International Exchange and Coinbase Advanced on Thursday.

Also read: Meme coin madness returns after Bitcoin halving concludes

Generally, several top meme coins have been posting impressive gains in the past week. In addition to PEPE and WIF, Shiba Inu (SHIB) gained 21.5%, Floki (FLOKI) increased by 41.3%, Bonk (BONK) posted a 54.8% gain, and Book of Meme recorded a 36.4% increase. Additionally, cats in a dog world (MEW) have recovered from last week's loss, rising 31.6% in the past 24 hours.

With such weekly gains, the market may be set to witness the resumption of the meme coin frenzy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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