- Pepecoin (PEPE ) values soared over 20% after Coinbase rolled out a perpetual futures listing that tracked the token’s prices.
- The frog-themed meme coin joins other cryptocurrencies in achieving dramatic gains today.
The Steep Climb of PEPE
Coinbase launched its new PEPE perpetual futures contracts at 9:30 AM UTC this Tuesday following a botched rollout last week. And just like that, the price of the frog-themed meme coin suddenly made a massive recovery, which eventually jumped by double-digits in the afternoon.
As of this writing at 5:00 PM UTC on Tuesday, PEPE has climbed by an astonishing 20% as it journeyed between a $0.000006484 low and a $0.000007821 high within the past 24 hours before settling around $0.0000077—a price it lost two weeks ago.
During the same timeframe, the trading volume of the token saw a spike by more than 40% as $1.4 billion worth of PEPE moved between wallets and exchanges. Meanwhile, the digital asset’s market cap now sits at $3.2 billion.
It should be noted that barely a year after its debut, Pepecoin has increased its valuation by roughly 2,200%, which shows the warm welcome of investors for the crypto. Despite its lack of multiple use cases apart from its role as a store of value or investment medium, it remains one of the top-performing altcoins this year.
What Happened?
Interestingly, Pepecoin is not the only crypto experiencing massive gains today, which leads us to believe that its blow to a local top recently may not have been merely confined to the Coinbase announcement.
On a broader scale, PEPE is somehow mirroring the movements of several other famous meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF). Its present trajectory also mimics that of the prime cryptocurrencies, namely Bitcoin (BTC) and Ethereum (ETH) lately. Hence, its present trajectory may have primarily been because of the overall renewed optimism for the crypto market in the aftermath of the fourth Bitcoin halving and BTC’s growing institutional adoption.
What are Perpetual Futures
Simply put, a perpetual futures contract is likewise known as a perpetual swap. In the case of PEPE, it allows traders and investors to speculate on the future price of the token without worrying about the expiration of their positions.
The inclusion of this financial instrument on the listing of Coinbase certainly opens up users to more ways to diversify their assets and invest in PEPE without actually owning the token.