- Solana’s Dogwifhat was overthrown by PEPE in crypto’s global ranks.
- PEPE rallied 39% since last week ahead of Coinbase Futures listing.
- Derivatives markets reveal a tremendous increase in Open Interest.
The meme coin race has taken an unexpected turn as Pepe (PEPE), the frog-themed meme token soared in trading volume this week in both spot and derivatives crypto markets. PEPE jumped back into the top 50 cryptos by global market capitalization with 12.7% gains over the past 24 hours, now commanding a market capitalization of $2,980,904,098.
Coinbase Finally Lists PEPE, Volume Soars
Claiming the 44th spot, PEPE dethroned the competing meme coin Dogwifhat (WIF), which now boasts a market cap of $2,879,132,869. However, the biggest difference between the two meme coins underlies the daily trading volume. The enthusiasm in trading PEPE is highly influenced by Coinbase International listing PEPE on its derivatives markets after a 5-day delay.
The frog-themed PEPE’s trading volume surpassed $1.5 billion at one point on Tuesday, putting PEPE on the same list with the likes of XRP (XRP), Dogecoin (DOGE), and BNB Coin (BNB). The caecilian coin is set to go live on Coinbase International and Coinbase Advanced in the derivatives markets on April 23, 2024, at 9:30am UTC. The thousand-fold multiplied contract was originally scheduled for April 18, 2024 launch.
Bulls & Bears Go Neck & Neck In Derivatives
Crypto derivatives markets also point to Pepe’s (PEPE) dominance over rival meme currencies Shiba Inu (SHIB) and Dogwifhat (WIF), as the total 24-hour volume was the only out of the three to surpass $1 billion, according to CoinGlass. Picking up a 17.29% hike in Open Interest (OI), PEPE’s trading volume consists of almost equal positions between crypto bears and bulls, as the 1.0052 long versus short ratio implies.
Long leveraged positions on Pepe (PEPE) are most popular on the leading crypto exchange Binance. With a 1.7561 ratio at long versus short positions, Binance now accounts for 47.89% of all PEPE trades, according to CoinGecko’s latest data.
As of press time, the frog-embossed Pepe (PEPE) is exchanging hands at $0.00000759, catching a new weekly high. Whipping up a 3% hourly increase, the meme coin gets listed on Coinbase Futures after a long clash online between Coinbase’s CEO Brian Armstrong and PEPE’s holders, who once took offense about Armstrong’s statement that Pepe is allegedly representing the alt-right and could be considered “a hate symbol”.
On the Flipside
- PEPE’s 1-day candlesticks hint at an overbought condition, with the Relative Strength Index (RSI) pointing to 75.
- This coincides with $43 million in pending PEPE sales on Spot markets, as opposed to $33 million in buy orders.
Why This Matters
PEPE is among the best performers in the meme currency department with 1,989% yearly returns. While having little utility, the meme coin pays homage to internet culture through an internet meme of the same name.
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