In anticipation of its upcoming perpetual futures listing on the Coinbase International Exchange, Pepe Coin (PEPE) has seen a notable increase in its price, climbing nearly 5% today. This surge is linked to the news that Pepe Coin, a widely recognized meme coin built on the Solana blockchain, will be featured on the exchange starting April 23, after a slight delay from its originally planned date.
Delayed Listing Sparks Initial Downturn
Initially scheduled for April 18, the listing was postponed, causing an immediate downturn in Pepe Coin’s price amidst a generally bearish market. However, this setback has only heightened interest in the upcoming listing, which is now set for 9:30 a.m. UTC on Tuesday. "The opening of our 1000PEPE-PERP market will begin on or after 9:30am UTC on April 23, 2024," announced the exchange on X (formerly known as Twitter).
The listing follows a period of controversy where Coinbase had once classified Pepe Coin as a “hate symbol,” though tensions between the cryptocurrency community and the exchange have since cooled. Now, the exchange is preparing to launch PEPE perpetual futures, signaling a new phase of acceptance for the meme coin.
Market Response and Analyst Perspectives
As of this writing, the price of PEPE has risen to $0.000006836, with the coin's market capitalization reaching $2.90 billion. Trading volumes over the last 24 hours have also jumped by 12.33% to $1 billion, accompanied by a 9.35% increase in open interest, according to data from Coinglass.
Notably, short sellers have faced $1.15 million in liquidations, contributing to the upward price momentum as traders close their positions to minimize losses. This buying pressure is likely to continue pushing the price upward in the short term.
Crypto analyst Max Schwartzman of Because Bitcoin forecasts further gains for Pepe Coin, predicting a rally to $0.0001. "PEPE has broken out of a multi-month re-accumulation phase, reaching the 1.618 Fibonacci extension level," he noted, indicating a bullish outlook for the coin's future. Schwartzman also pointed out that higher Fibonacci levels such as 2.618 and 3.618 are within reach, underscoring the potential for significant price increases in the coming months.
As the crypto community watches this development, the overall sentiment surrounding Pepe Coin remains highly optimistic, with expectations of continued growth and market influence.
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