- Coinbase puts PEPE Derivatives plans on hold, citing technical issues.
- PEPE holders weigh up the chances of a PEPE spot market listing.
- PEPE ducks sell pressure by hopping 9% up to reclaim $2b market cap.
Despite previously deciding to list the frog-themed meme coin Pepe (PEPE) on Coinbase International and Coinbase Advanced, the popular American crypto exchange retracted the statement. In a surprising turn of events, Coinbase International quoted technical difficulties as the main reason for this delay and promised to issue an updated timeline for PEPE’s listing on the exchange’s Futures offerings.
Meanwhile, PEPE supporters on X theorize that the setback was planned, as Coinbase’s institutional players could align their Future and Spot positions. However, that’s only valid if Coinbase decides to list the popular meme coin on spot markets after a year of public requests by PEPE’s holder base across different social media platforms.
PEPE Breaks Bearish Constraints On TOP 50 Comeback Efforts
Initially scheduled for an April 18, 2024 launch, the PEPE Perpetual Futures contract could have been delayed because of PEPE’s rapid price plunge this Thursday. As PEPE slipped below a global market cap of $2 billion and dropped below the critical support cluster at $0.000005, this could have set off a mild panic among investors.
In a favorable plot twist, PEPE recouped some of the monthly deficit today, leaping 9% up to trade at $0.0000055169 as of press time. However, the mounting sell pressure is still evident by the combined liquidity books on spot markets, as the pending sales now surpass $30 million, in contrast to $21 million in bids, according to the real-time data by CoinPaprika.
As PEPE clings on to the #52 spot by global market capitalization, the meme coin’s community continues to send requests for PEPE’s listing on Coinbase’s spot trading service. Meanwhile, the trading volume on PEPE derivatives is back above $1 billion, as the 1000PEPE contract inked a 7.59% gain in Open Interest (OI).
Combined with the 32% increase in 24-hour trading volume in spot markets, PEPE is exercising a substantially bigger market depth than in 2023. The large spike in Q1 of 2024 in PEPE’s 10% market depth comes thanks to the most successful month ever in the meme coin department, with the Spring run hitting a cycle peak of $56 billion, according to IntoTheBlock.
On the Flipside
- Several Binance whales have been spotted to sell-off their PEPE holdings during the upward price movement on April 19, 2024.
- To illustrate, one whale sold off PEPE when it hit $0.00000514, making $228K in the process, according to Crypto Whale Bot.
Why This Matters
PEPE is considered one of the best performing altcoins of the year, as the frog-themed token whipped up 1735% gains in the latest 365-day timeframe.
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