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Pepe Coin Spikes on Coinbase International Plan to List Perpetual Futures
The crypto exchange's off-shore arm will open perpetuals market for the popular meme coin on April 18.
Updated Apr 11, 2024, 4:44 p.m. Published Apr 11, 2024, 4:36 p.m.
Popular meme coin pepe jumped on the news that Coinbase International Exchange, the U.S.-based crypto exchange's off-shore arm for institutions, will open a perpetual futures market for the token next week.
The exchange said in an X post that it will list PEPE perps on Coinbase International Exchange and Coinbase Advanced and commence trading on or after 9:30 a.m. UTC on April 18.
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The news sparked hopes among traders that it could foreshadow a potential spot listing for the fourth largest memecoin, boasting a $3 billion market capitalization.
PEPE gained as much as nearly 10% immediately after the announcement before paring most of the gains. At press time, the token had pulled back to about a 3% advance over the past 24 hours.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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