All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- PEPE got a massive boost when Coinbase International Exchange unveiled support.
- The 1000PEPE-PERP offering is set to increase liquidity and potential trigger price surge.
Pepecoin (PEPE), a leading player in the memecoin ecosystem has seen an increase in its price on news of perpetual futures listing on the Coinbase International Exchange. As such, traders and investors are speculating that the news foreshadows a future spot listing for PEPE.
Coinbase International Exchange Opens Perpetual Futures for PEPE
Coinbase International Exchange, the off-shore arm of the popular crypto exchange Coinbase, meant for institutional clients opened its 1000PEPE-PERP market on April 18, 2024. This means traders can now speculate on the future price of PEPE using contracts that don’t have a set expiry date.
Perpetual futures allow traders to use leverage, which means Coinbase users can now control a larger position in PEPE with a smaller amount of capital. This can amplify gains but also magnify losses. Traders can also use perpetual futures to hedge their PEPE holdings, protecting themselves from price swings.
Following the listing announcement, PEPE gained almost a 10% increase before most of the gains got reversed. At press time, the memecoin’s price is down by 4% in the past 24 hours to trade at $0.00001446.
The trading volume also decreased by 30% to over $1 billion, while the market cap is pegged at $6 billion. Despite the dip, the memecoin still managed a 70% gain over the past month, reflecting some underlying confidence within its community.
The recent decline comes amidst a large sell-off from a large investor (whale). According to a report by SpotOnChain, the whale unloaded a massive 366 billion PEPE worth $5.3 million, onto the Binance crypto exchange. This move suggests a potential sell-off, especially considering the recent price surge. The whale likely enjoyed an estimated $4.84 million in profits.
Additionally, the report highlights another trader who deposited a large amount of PEPE. According to the details, this trader deposited 660.71 billion PEPE, valued at $9.01 million, into Binance after the price dropped by 14% in late May.
What’s Next for PEPE
The influx of large sell orders has sent mixed signals to the market. While some fear a continued decline, others see it as a strategic move by these large holders. Investors are anxiously watching these whales, trying to predict their next moves.
Meanwhile, the recent price surge of Pepe Coin was also fueled by increased interest in memecoins and speculative trading. However, the wave of selling has dampened some of that enthusiasm. The market is currently in a wait-and-see mode, with traders unsure if the price will stabilize or fall further.
However, recent data from Santiment, an on-chain analytical platform shows a surge in the social volume for PEPE in the last few weeks. As Crypto News Flash had earlier detailed, if this trend continues, it could help sustain the momentum for PEPE’s potential rally to $0.00001751.
