The Pepe price soared 9% after Coinbase announced that it will open a perpetual futures market for PEPE coin on its platforms next week.
Coinbase will list PEPE perpetual futures on both Coinbase International, the exchange’s off-shore arm for institutions, and Coinbase Advanced, according to an X post by the company. Trading is set to commence on or after Apr. 18 at 9:30 a.m. UTC.
@CoinbaseIntExch will add support for Pepe perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our 1000PEPE-PERP market will begin on or after 9:30am UTC on 18 APR 2024. pic.twitter.com/DKu8YPGRYB
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 11, 2024
Pepe Price Rally Short-Lived As Traders Quickly Take Profit
The frog-themed crypto’s price managed to reach a 24-hour high of $0.000007536 following the announcement. It has since undergone a retracement to trade at $0.00000723 as of 3:20 a.m. EST. Despite the correction, the crypto is still up more than 8% on the weekly timeframe.
PEPE’s surge follows a similar move by its meme coin counterpart, Dogecoin. The beloved dog-themed crypto rallied after Coinbase submitted documents to the Commodities Futures Trading Commission (CFTC) to launch futures trading products linked to the altcoin.
Litecoin (LTC) and Bitcoin Cash (BCH) were also mentioned in the filing. These futures trading products went live on Apr. 1.
Coinbase Derivatives made use of the self-certification route under CFTC Regulation 40.2(a) to list the futures products. This allows the platform to enable trading for the cryptos without having to wait for approval from the CFTC.
DOGE-Themed Presales Flourish
Aside from boosting Dogecoin itself, the launch of DOGE futures also had a spillover effect, helping to ignite a frenzy around DOGE derivative meme coin presales. Dogecoin20 is one such project, which sold out in less than two weeks after raising over $10 million through its ICO.
The #Coinbase exchange has quietly submitted documents to the #CFTC for the listing of #Dogecoin #DOGE, #Litecoin #LTC and #Bitcoin Cash #BCH futures regulated in the USA (as early as April 1, 2024)
"The first step towards launching futures ETFs for these altcoins???"#Crypto pic.twitter.com/qDOVRCqv0a
— DOGE vs Crypto (@dogevscrypto) March 20, 2024
Investors are also flocking to the recently-launched Dogeverse, a multi-chain Dogecoin derivative that has received more than $2.8 million in funding through its presale in less than four days since its debut.
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