The crypto exchange Coinbase has announced that it will support perpetual futures for Pepe, resulting in a price increase for the asset. Coinbase used X (previously Twitter) to communicate the imminent availability of this new trading option.
Let’s see below all the details.
Summary
Coinbase introduces perpetual futures for Pepe
As anticipated, Coinbase, a well-known cryptocurrency exchange, has announced support for Pepe’s perpetual futures, noting an immediate increase in the asset’s price.
To make this news public, Coinbase turned to X (formerly Twitter) to announce that support for this trading option would be operational starting today.
After the announcement, the price of Pepe has risen, surpassing the threshold of $0.000007 and has recorded an increase of almost 9% in just 24 hours, according to CoinMarketCap. These gains follow a positive seven-day period in which Pepe has grown by almost 40%.
This promising trend seems to inaugurate a bullish May.
More generally, meme coins had a very successful 2024, with a particularly lively March when the meme coin sector caught the market’s attention.
New tokens like Dogwifhat (WIF) and Book of Meme (BOME) have successfully emerged, while the pillars of meme coins have continued to increase in value.
One of these meme coins is Pepe, which has seen its price rise as April comes to an end. Coinbase’s announcement of support for perpetual futures has given a boost to the asset, bringing it to new levels of performance.
The exchange has announced that the 1000PEPE-PERP market will officially open at 9:30 UTC. Coinbase Advanced will also participate in this activity, offering experienced traders advanced tools to operate in the market.
The implementation of these new futures offerings is important for the continued expansion of Coinbase, which aims to further diversify its range of financial products.
Furthermore, this move confirms the exchange’s commitment to meeting the needs of an increasingly global and diversified digital asset sector.
Coinbase: the impact of macroeconomic factors on the crypto market post-halving
Coinbase recently predicted that macroeconomic factors will play a crucial role in determining the direction of digital asset markets after the Bitcoin halving.
This represents a change compared to past events, where markets tended to follow an upward trajectory thanks to factors internal to the sector.
According to a recent research report, analyst David Han emphasized the importance of external factors in determining cryptocurrency prices, despite the solid fundamentals of the sector.
These factors include geopolitical tensions, prolonged periods of high interest rates, reflationary policies, and the increase in national debt.
He explained that such factors, external to the cryptocurrency ecosystem, could significantly influence market sentiment.
A critical note of the report concerns the increasing correlation between altcoins and Bitcoin, confirming the latter’s role as a reference asset in the crypto space.
Despite the emergence of several digital assets, Bitcoin continues to maintain its position as a leader, indicating its importance as a “macro asset”.
Even though past halving events have often been associated with bullish markets, Coinbase suggests that such trends have been supported by additional internal catalysts within the industry.
