Coinbase International Announces Listing of Perpetual Futures for Pepe (PEPE)
Coinbase International, the global arm of the largest cryptocurrency exchange, has announced the inclusion of perpetual futures contracts for Pepe (PEPE), set to be activated on April 18th.
Currently, the price of PEPE has surged by over 4%, according to CoinMarketCap data. The digital currency is trading at $0.000007392, after reaching its peak at $0.000007431 earlier today.
Perpetual futures contracts, as the name suggests, allow traders to speculate on the future movements of the meme coin without the need to deal with expiry dates. This means that such futures contracts can be held indefinitely. These derivative products enable traders to bet on the future movements of a particular asset without actually owning it.
Pepe, launched in April 2023, remains the fourth-largest meme coin by market capitalization. According to CoinGecko, its current market value stands at $3.1 billion.
The cryptocurrency is inspired by the famous comic character Pepe the Frog. Despite its benign origins, the far-right later appropriated the green frog figure. Cartoonist Matt Furie, responsible for creating this character, even fought against right-wing extremists to prevent them from co-opting Pepe.
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In March last year, Coinbase faced criticism from the Pepe community after describing Pepe as a “hate symbol” in its email newsletter. Memecoin holders even initiated a #DeleteCoinbase campaign on Twitter to express their dissatisfaction with the cryptocurrency exchange. However, it seems that this minor controversy has been overshadowed by the Pepe community’s celebration of the recent listing.
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