The listing of Pepe Coin futures on Coinbase International Exchange, initially planned for April 23, has been postponed by five days from its original launch date.
Today, Pepe Coin (PEPE), a well-known meme coin on the Solana blockchain, saw a rise of almost 5%. This increase occurred just before its perpetual futures were set to be listed on the Coinbase International Exchange. Additionally, there was a notable increase in open interest for the PEPE meme cryptocurrency.
Delayed Listing of Pepe Coin Perpetual Futures on Coinbase
The Coinbase International Exchange recently announced a delay in the listing of Pepe Coin perpetual futures, originally scheduled for April 18. The new listing time is set for 9:30 a.m. UTC on Tuesday, April 23.
In their recent update on X, the exchange stated, “@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 9:30 am UTC on 23 APR 2024.”
Initially, the delay in listing led to a decline in the value of the meme cryptocurrency, exacerbated by a general bearish trend in the market. However, despite the setback, anticipation remains high within the crypto community for Pepe Coin’s inclusion on Coinbase.
Previously, Pepe Coin had been labeled as a “hate symbol” by Coinbase, leading to controversy between the two entities. However, tensions have since eased, paving the way for the upcoming introduction of PEPE perpetual futures on the trading platform.
Anticipating Pepe Coin’s Price Movement: Insights and Analysis
As of the latest update, the price of PEPE crypto has surged by 4.86% to reach $0.000006836 on Tuesday. Concurrently, the meme coin boasts a market capitalization of $2.90 billion, with its 24-hour trade volume soaring by 12.33% to $1 billion.
Additionally, data from Coinglass reveals a notable increase in PEPE’s open interest, rising by 9.35% to $64.59 million. However, shorts dominate liquidations, with $1.15 million liquidated out of a total figure of $2.12 million. These liquidations could temporarily boost the Pepe Coin price, driven by sudden buying pressure as shorts aim to minimize losses from the recent rally.
In a recent analysis, Max Schwartzman, founder of Because Bitcoin, hinted at a potential rally for Pepe Coin, projecting a target price of $0.0001. Emphasizing the importance of learning from rejections at key levels and breakouts, Max highlighted their significance in understanding market dynamics.
Despite the discomfort associated with pullbacks, Max asserted their necessity for maintaining market health. He noted that PEPE has broken out of a multi-month re-accumulation phase, reaching the 1.618 Fibonacci extension level, which is seen as a positive development confirming the potential for further gains.
Max also pointed out that the 2.618 and 3.618 Fibonacci extension levels are valid and in play, indicating a potential rally to $0.0004 and eventually to $0.0001. Expressing confidence in PEPE’s future trajectory, he stated, “I haven’t sold a single dollar of my bag & I still expect multiples to be accomplished over the next couple of quarters.”
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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
