Why is Meme Coin PEPE Price Up 50% This Week?

The popular meme cryptocurrency PEPE has witnessed a substantial surge in price over the past week, rallying an impressive 50% and boosting its market capitalization to approximately $3.2 billion. As of today, PEPE trades around $0.0000077 per token after reaching an all-time high of approximately $0.00001 in mid-March.

This recent bull run for the Pepe-inspired meme coin appears to be primarily driven by a significant announcement from leading cryptocurrency exchange Coinbase. Today, Coinbase unveiled its plans to launch a PEPE perpetual futures market, allowing traders to take leveraged positions on the volatile asset.

The new "1000PEPE-PERP" perpetual futures contract is scheduled to go live on Coinbase's professional trading platform at 9:30 am UTC. In addition to the standard exchange, the futures product will also be available on Coinbase Advanced, catering to more experienced and active traders seeking advanced market instruments.

JUST IN: Coinbase launches $PEPE perpetual futures.— Watcher.Guru (@WatcherGuru) April 23, 2024

Why Coinbase Listing PEPE Perpetuals Is So Bullish

The listing of PEPE perpetual futures on a major exchange like Coinbase represents a significant milestone for the meme coin project. It marks a couple of key developments that could serve as major catalysts for further price appreciation.

Firstly, the launch of PEPE futures provides the asset with enhanced liquidity and trading volume. Perpetual futures contracts enable traders to take highly leveraged positions without concerns about funding rates or contract expiries. This makes them exceptionally popular instruments, particularly for speculative assets like PEPE.

Source: CoinMarketCap/PEPE

With its listing on Coinbase, PEPE now has access to one of the deepest and most liquid order books in crypto. This improved liquidity and the ability for traders to open leveraged positions create a perfect recipe for increased volatility – a characteristic that meme coin traders relish.

Additionally, Coinbase listing any asset signifies a significant stamp of legitimacy and approval from one of the industry's most reputable and regulatory-compliant exchanges. For a meme coin like PEPE, often perceived as a risky and speculative asset, Coinbase's backing could significantly attract more mainstream investment.

After all, exchanges like Coinbase conduct rigorous due diligence processes that assess factors such as security, regulatory compliance, and developer activity before listing new assets. While PEPE may have originated as a joke, its listing on Coinbase indicates that it has evolved into a relatively mature and sustainable project in the eyes of one of the industry's gatekeepers.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?

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PEPE Outperforming Other Leading Meme Coins

Apart from today's Coinbase futures listing announcement, PEPE has also benefited from a broader resurgence in meme coin trading over the past week. During this period, PEPE has outperformed many of the other leading meme cryptocurrency projects.

For instance, while PEPE is up approximately 50% over the past seven days, meme coin rival BONK has "only" rallied 37%. The industry's original meme coin, Dogecoin, has experienced relatively modest gains of just 6%, while even Shiba Inu – arguably PEPE's closest competitor in the dog meme coin space – has underperformed with a 22% weekly increase.

Source: CoinMarketCap/memes

This outperformance of PEPE compared to its peers could indicate the project's growing influence and cultural relevance. It's worth noting that PEPE has successfully harnessed the brand power and dedicated community cultivated by the ubiquitous Pepe the Frog meme, along with an extensive array of character non-fungible tokens (NFTs).

With meme coins once again capturing the attention of crypto traders and Coinbase providing PEPE with key foundations such as improved liquidity and legitimacy, all the elements may be in place for a substantial continuation of this recent meme coin frenzy.

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