The popular American crypto exchange Coinbase has announced the listing of PEPE (Pepe) for futures trading on its advanced platforms, marking a significant shift in its stance toward the meme coin.
PEPE Joins Coinbase Futures Perpetuals
- Launch Date: April 18, 2024, at 9:30 AM UTC.
- Contract Multiplier: 1000PEPE-PERP (a 1000x multiplied smart contract).
- Market Impact: PEPE’s price surged nearly 10% following the announcement before stabilizing.
"We are adding support for PEPE perpetual futures on Coinbase Advanced. The opening of our 1000PEPE-PERP markets will begin on or after 9:30 AM UTC on April 18, 2024."
— Coinbase Traders (@coinbasetraders)
PEPE, a top meme coin with a $3 billion market cap, has gained traction despite past controversies.
Did Coinbase Reverse Its PEPE Stance?
Last year, Coinbase labeled Pepe the Frog an "alt-right hate symbol," sparking backlash from the crypto community. The exchange faced criticism for not issuing a public correction.
"Less than a year ago, you mocked PEPE as a hate symbol… but NOW you’re listing it? What changed?"
— PaulY (@Pauly0x)
The move raises speculation about a potential spot market listing, though competitors like Dogwifhat (WIF) remain unlisted despite outperforming PEPE.
Market Reactions
- Derivatives Surge: PEPE’s Open Interest (OI) jumped 14% post-announcement.
- Bullish Sentiment: Binance traders lead with a 3.3 long/short ratio.
- Competition: WIF recently flipped PEPE’s market cap by $335 million.
Why This Matters
As one of the most regulated crypto exchanges, Coinbase’s endorsement lends legitimacy to meme coins, reinforcing their place in mainstream crypto trading.
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FAQ
Q: Why did Coinbase hesitate before listing PEPE?
A: Previously, Coinbase associated Pepe the Frog with extremist symbolism, but shifting market trends may have influenced its decision.
Q: Will PEPE get a Coinbase spot listing?
A: While possible, Coinbase hasn’t confirmed plans yet—competitors like WIF remain unlisted despite higher valuations.
Q: How has PEPE’s market reacted?
A: Futures demand surged, with Binance traders showing strong bullish sentiment.
Disclaimer: This content is for informational purposes only and not financial advice. Trading cryptocurrencies carries risks.
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