Pepe Coin Price Rallies Ahead Coinbase Futures Listing
Pepe Coin (PEPE), a popular Solana meme coin, rallied nearly 5% today. The surge comes ahead of its perpetual futures listing on the Coinbase International Exchange. Moreover, the PEPE meme crypto also witnessed a surge in open interest.
Coinbase International Exchange To List Pepe Coin Perp
The Coinbase International Exchange has announced that the Pepe Coin perpetual futures will be listed on the platform at 9:30 a.m. UTC on Tuesday April 23. However, this launch is a delayed one as it was earlier scheduled for listing on April 18.
In the latest update on X, the exchange wrote, “@CoinbaseIntExch will add support for Pepe perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our 1000PEPE-PERP market will begin on or after 9:30am UTC on 23 APR 2024.”
Earlier, when the exchange delayed the Pepe Coin futures listing, the meme crypto registered a loss. While the price decline was triggered by an overall bearish trend, the delayed launch accelerated the slump. However, the crypto community is elated to watch Coinbase embracing Pepe Coin since the two parties were engaged into a controversy earlier.
The Coinbase exchange has once marked Pepe Coin as a “hate symbol.” Nonetheless, the clash cooled down eventually and now the crypto trading avenue is gearing up to introduce the PEPE perpetual futures on its platform.
Also Read: PEPE Price : How Is Pepe Coin Doing Today ?
PEPE Price Surge
As of writing, PEPE crypto price was up by 4.86% to $0.000006836 on Tuesday. Meanwhile, the meme coin held a market capitalization of $2.90 billion. In addition, the 24-hour trade volume for Pepe Coin soared 12.33% to $1 billion.
Moreover, the PEPE open interest surged 9.35% to $64.59 million, according to Coinglass. Whilst, shorts dominated liquidations with $1.15 million liquidated out of the total figure of $2.12 million. These short liquidations could momentarily propel the Pepe Coin price higher due to the sudden buying pressure as shorts seek to minimize losses from the latest rally.
In recent crypto analysis, Max Schwartzman, founder of Because Bitcoin, has hinted at a Pepe Coin rally to $0.0001. Max emphasized the significance of learning from rejections at key levels, highlighting their importance alongside breakouts. Despite the discomfort associated with pullbacks, Max asserted they are necessary and beneficial for market health.
Moreover, he added that PEPE has notably broken out of a multi-month re-accumulation phase, reaching the 1.618 Fibonacci extension level. This development is seen as positive news, as it confirms the validity of the 1.618 Fibonacci extension and implies potential for further gains. In addition, he wrote, “2.618 & 3.618 are also valid & in play.”
These levels indicate a Pepe Coin price rally $0.0004 first and eventually a surge to $0.0001. Furthermore, he deemed PEPE’s future trajectory as “very bullish.” He added, “I haven’t sold a single dollar of my bag & I still expect multiples to be accomplished over the next couple quarters.”
Also Read: Coinbase Teases Potential Launch of Smart Wallet
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