Coinbase International Exchange, a prominent cryptocurrency platform, has postponed the release of Pepe Coin perpetual futures due to a recent decline in PEPE’s price. This decision caused a stir in the crypto community.
The delay came at a time when PEPE’s price experienced a sharp drop, triggered by substantial liquidations and a prevailing bearish sentiment in the market.
Coinbase Delays Pepe Coin Futures Launch, Citing Technical Issues
The Coinbase International Exchange has announced a setback in the launch of Pepe Coin perpetual futures due to technical reasons. Despite promising to provide an updated timeline soon, the delay has had an impact on Pepe Coin’s price, which saw a 3.5% decrease at the time of the announcement.
Earlier, on April 12, Coinbase International Exchange had generated excitement by unveiling plans to introduce Pepe Coin perpetual futures. This move was anticipated to be a significant milestone for the platform’s growth. However, the futures, originally scheduled for release on April 18, faced an unexpected delay.
Pepe Coin Perpetual Futures: A New Financial Tool
The introduction of Pepe Coin perpetual futures was expected to offer traders more flexibility in navigating the cryptocurrency markets. These contracts allow traders to speculate on price movements without the constraints of expiration dates or the need to own the underlying asset.
Upon the initial announcement of Pepe Coin perpetual futures, there was a surge in optimism among traders, leading to a notable 4% increase in the price of PEPE. This uptick in trading activity signaled renewed interest in the meme coin.
Pepe Coin Price Declines Amidst Market Volatility
At press time on Thursday, the price of Pepe Coin dropped by 3.49% to $0.000004951. Meanwhile, the popular Solana meme coin maintained a market capitalization of $2.05 billion. Despite the decline in price, the trading volume for PEPE increased by 3.23% to $671.82 million over the last 24 hours.
Today, Pepe Coin experienced significant liquidations, primarily dominated by long positions. According to data from Coinglass, long liquidations totaled $1.27 million, while shorts witnessed liquidations amounting to $932,310. The decline in the PEPE price was exacerbated by the liquidation of long positions. However, subsequent buying pressure from shorts helped stabilize the situation.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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