Pepe [PEPE] recorded a sharp spike on Thursday, on what looked like as a response to its listing on Coinbase International Exchange.
recorded a sharp spike during after U.S. trading hours on 11th April, on what looked like as a response to its listing on Coinbase International Exchange.For the curious, Coinbase International Exchange allows institutional users based in eligible jurisdictions outside of the U.S. to trade perpetual futures. The exchange said that trading for PEPE perps would commence on or after 9:30 a.m. UTC on the 18th of April.
The listing on a prestigious trading platform was a testament to the giant strides taken by the $3 billion-plus market cap token. PEPE peaked at $0.00001 during last month’s memecoin frenzy, and has exploded more than 5x since 2024 began.The rally generated considerable buzz in the derivatives markets, leading traders to speculate on its price movements.
According to AMBCrypto’s analysis of Coinglass’ data, the Open Interest in PEPE futures rose 322% in the past two months, totaling $76 million at press time.These developments marked a decisive shift in the perception of memecoins in world’s largest financial market, which has earlier been apprehensive of their rise.Aniket Verma works as a journalist at AMBCrypto.
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