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- The Coinbase effect is on full display on PEPE coin prices as the memecoin celebrates its perpetual futures listing on the exchange.
- PEPE has celebrated a 33% price surge in the last 7 days which has seen it rise to the 45th-ranked cryptocurrency.
PEPE investors are celebrating astounding returns following the Coinbase perpetual futures listing. Historically, the listing of coins on Coinbase has triggered a price rally. This phenomenon is still affecting the market with PEPE now enjoying the effect. It is generally assumed that listing on Coinbase exposes the digital asset to a large pool of investors, generating interest and demand for the asset.
At the time of writing, PEPE is trading at $ 0.000007 after a 7% surge in the last 24 hours. On the weekly chart, the trendy memecoin has rallied by more than 33% with the market cap reaching a little over $2.8 billion. This performance has largely been attributed to the Coinbase listing. While it was initially scheduled for listing on the 18th of April, the exchange confirmed at the start of the week that this would be delayed until the 23rd.
@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.
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 22, 2024
The listing is timely following rising investor interest in memecoins. Investors have predictably exploded with excitement and, of course, memes, about the news. Coinbase added to the buzz by announcing upcoming perpetual futures trading for Dogwifhat (WIF), the popular Solana-based meme coin, starting April 25th.
PEPE has outperformed its peers and even large-cap cryptocurrencies including Bitcoin and Ethereum. Bitcoin which is trading at $66,300 is up by 4% in the last 7 days. Ethereum which PEPE is based is up by 2.5% in the last 7 days. With the fourth Bitcoin halving completed, there’s is a bullish outlook for the wider market.
Can PEPE Maintain its Bullish Momentum?
In addition to the Coinbase listing, multiple signals including technical indicators point to a PEPE bullish outlook. For instance, the coin’s price just jumped above its average price for the past two months. This could signal a comeback from the recent drop and a potential rise in price in the future.
Adding to the bullish signs, the short-term average price is also on track to climb above the 55-day average (EMA55). This specific crossover called a golden cross, is seen by technical analysts as a strong confirmation of a bull market, where prices typically experience sustained increases.
The Relative Strength Index (RSI) which stands at 51 shows there is no decisive control for the bulls or bears. Additionally, the Average Directional Index (ADX) sits at 20, indicating a weak trend. This suggests the recent price drop might be losing momentum, potentially paving the way for a reversal.
