Coinbase International Exchange announced the launch of perpetual futures trading for a Pepe meme coin.
Pepe (PEPE) futures trading on Coinbase International and Coinbase Advanced platform will be available from April 18.
“Coinbase International Exchange will list PEPE perps on Coinbase International and Coinbase Advanced and commence trading on or after 9:30 a.m. UTC on April 18.”
Coinbase announcement
Amid the news, PEPE’s value reacted with an immediate rise of nearly 10%, according to CoinMarketCap. PEPE showed a 6.5% gain over the previous 24 hours, reaching $0.0000074.
Previously, Coinbase had reservations about listing PEPE, citing its association with controversial hate symbols. However, the decision to list PEPE futures indicates a shift, likely influenced by market demand and the meme coin trend.
PEPE is the fourth largest meme coin by market capitalization, valued at $3 billion. The market’s enthusiasm for meme coins and PEPE’s prominence as a leading Ethereum (ETH) token likely influenced Coinbase’s decision to explore futures trading for PEPE.
PEPE’s value surged 350% in a week at the beginning of March, making it the third-largest meme coin by market capitalization with a 600% monthly increase. The meme coin’s current momentum, marked by significant withdrawals and investments, underscores a widespread “Extreme Greed” sentiment among its investors.