PEPE’s big 10% price hike – Here’s one reason to thank Dogecoin

    PEPE rose 10% on the news of the listing but dropped soon after.
    The decision to list PEPE follows the news of upcoming launch of DOGE futures on Coinbase.

On the evening of April 11th, the Pepe token with a frog theme experienced a significant increase in value during US trading hours. This surge appeared to be linked to the announcement of its listing on the international exchange, Coinbase.

PEPE gains entry on a marquee platform

In the five hours after being announced on Reddit through an X post, the memecoin that is the fourth largest in size experienced a 10% increase, reaching a value of $0.000075. However, due to profit-taking, its price had dropped slightly and was currently at $0.000071.

Interested parties, Coinbase International Exchange extends its futures trading opportunity to institutional users residing in approved non-US territories. Starting from 18th of April, 9:30 a.m. UTC onwards, they can commence trading perpetual futures for PEPE.

A notable milestone for the multibillion-dollar market value token, PEPE, was reached when it got listed on a renowned trading platform. In January 2024, PEPE hit an all-time high of $0.00001 during the memecoin craze and has since then experienced a significant surge, increasing over 5 times its value.

PEPE’s futures market expands

In the derivatives market, there was much excitement and anticipation following the rally, prompting traders to contemplate potential price changes.

Based on AMBCrypto’s examination of Coinglass’ statistics, the Open Interest for PEPE futures contracts has increased by an astounding 322% over the last two months, amounting to approximately $76 million as of now.

PEPE’s big 10% price hike – Here’s one reason to thank Dogecoin

Most traders had bet on the price going down based on the current Longs to Shorts ratio being under 1.

Memecoins come into mainstream

The decision to list PEPE comes hours after Coinbase announced the upcoming launch of futures products tied to Dogecoin [DOGE], the first and the largest memecoin in the market, after gaining approval from the U.S. futures regulator.

Read PEPE’s Price Prediction 2024-25

In the global financial market’s leading circle, the attitude towards memecoins underwent a significant change following these advancements, previously expressing caution towards their emergence.

According to its creators, PEPE does not offer any useful function or promise financial gains.

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2024-04-13 00:07