- PEPE coin flips two popular Layer-2 blockchains by global market cap.
- 10 days ago, Coinbase listed PEPE on Futures after numerous delays.
- PEPE jumped into crypto’s TOP 30 as Futures volume surpassed DOGE.
In a rather surprising turn of events, the popular frog-themed meme coin Pepe (PEPE) surged past Arbitrum (ARB) and Optimism (OP). These two popular Layer-2 blockchains built atop Ethereum (ETH) now encircle a smaller market capitalization than PEPE.
PEPE Inks 11% Daily Gains Against All Odds
PEPE’s price trend reversal came on May 1, after the token fell to its monthly lows at $0.00000609. As the general crypto markets succumbed to an all-round drawdown, the leading crypto asset, Bitcoin (BTC), plunged to $56K, a level unseen since late February 2024.
Sporting a very low price correlation with Bitcoin, Pepe was among the first altcoins to bounce back from the double-digit deficit incurred since last week. Over the past 24 hours, PEPE soared by 11%, completing a 50% run over the past two weeks. This coincides with crypto whales and sharks piquing attention to PEPE, as a massive $591M was transacted in PEPE over the past 7-days.
PEPE Futures Explodes With $2.5B On Demand
Most of PEPE’s market sentiment-defying run can be attributed to the skyrocketing demand for the memecoin in Derivatives markets. Indeed, the latest on-chain data from CoinGlass tells us that PEPE Futures now encompasses a $2.48 billion volume, which makes PEPE the leading meme coin in Derivatives markets.
To compare, Dogecoin (DOGE), the largest memecoin by global market capitalization, accounted for $2.13 billion in Derivatives volume over the past 24-hour period. In addition, the Open Interest (OI) metric for PEPE Futures has risen by 27.97%, which indicates that Derivatives traders have renewed interest in the token.
The popularity of PEPE Futures comes amid Coinbase’s listing of the memecoin on its advanced and International platforms.
However, most PEPE Futures trades occur on Binance and Bybit. Intriguingly, Binance’s users seem to be more bullish on PEPE than the rest. Binance’s long versus short ratio stands at 1.1137, while the overall long versus short positions are balanced at 1.0239. Judging by recent liquidations, short sells are having a hard time with $1.36M liquidated over the past 24 hours.
On the Flipside
- As PEPE holders are waiting for a plausible Coinbase Spot listing, the Spot markets also picked up a substantial hike in trading volume.
- With $1,707,898,087 in 24-hour trading volume, PEPE sales on Spot still outweigh the bids by $3 million, seeing a 22% hike in combined orders.
Why This Matters
PEPE token is among the top-performing alternative crypto assets in yearly terms, with 654% gains over the latest 365-day timeframe.
Delve into DailyCoin’s trending crypto stories:
BTCC Sets 10M USDT Rewards for Its World Trading Contest
Solana Founder Sneers at Claims of Memecoin Scaring Builders
