Coinbase Delays Pepe Coin Perp Futures Launch, PEPE Price Declines

by

The international version of Coinbase, a well-known crypto exchange, created a stir in the cryptocurrency world by postponing the release of Pepe Coin (PEPE) futures. This announcement came at a time when PEPE’s price was already dropping sharply. The decline in PEPE’s value was accelerated by numerous liquidations and a pervasive bearish attitude among traders.

Coinbase Delays Pepe Coin Perp Launch

Coinbase International’s exchange encountered technical issues, causing a delay. They will provide a new schedule as soon as possible. This unexpected pause could have contributed to PEPE Coin’s 3.5% price drop during this period.

Previously, on April 12, Coinbase International Exchange created a stir by announcing Pepe Coin perpetual futures. This action was widely expected to be a major step forward for the platform. The launch of these futures was initially planned for April 18, but it faced a delay.

With perpetual futures contracts, traders can seamlessly maneuver through cryptocurrency markets’ constant changes, free from the limitations of set expiration dates. Furthermore, these instruments offer traders the opportunity to participate in price speculation without actually holding the underlying asset.

Last week brought excitement for traders as Pepe Coin’s perpetual futures were introduced. Consequently, the PEPE token price experienced a significant 4% rise. This price increase was an indication of increased enthusiasm towards the PEPE meme coin.

PEPE Price Dips

At Thursday’s press time, the Pepe Coin price fell by 3.49% to reach $0.000004951. In comparison, Solana’s meme coin boasted a market capitalization of $2.05 billion. However, PEPE‘s trading volume increased by 3.23%, amounting to $671.82 million in the preceding 24 hours.

Today, there were significant sell-offs of Pepe Coin resulting in large losses for long position holders, amounting to approximately $1.27 million according to Coinglass data. Conversely, short position holders experienced liquidations totaling around $932,000. The drop in PEPE price was intensified by these long liquidations. However, the buying pressure from shorts helped to mitigate the situation and bring some stability back to the market.

Read More

2024-04-18 15:15