Coinbase Delays PEPE Futures Listing; PEPE Surges by 9%

Coinbase's decision to postpone the listing of the frog-themed meme coin Pepe (PEPE) on its Futures offerings has caused a stir in the crypto community. Despite initially planning to list PEPE on April 18, 2024, Coinbase International cited technical difficulties for the delay and pledged to provide an updated timeline for the listing.

Speculation among PEPE supporters on X suggests that the delay could have been intentional, allowing Coinbase's institutional players to align their Future and Spot positions. However, this theory hinges on the possibility of PEPE being listed on spot markets after repeated requests from its holder base across various social media platforms.

PEPE's price experienced a rapid decline earlier in the week, slipping below a global market cap of $2 billion and falling below critical support levels. However, in a surprising turn of events, PEPE rebounded by 9% to trade at $0.0000055169 at the time of writing. Despite this recovery, sell pressure remains evident in spot markets, with pending sales exceeding $30 million compared to $21 million in bids.

As PEPE maintains its position as the #52 cryptocurrency by global market capitalization, its community continues to advocate for its listing on Coinbase's spot trading service. Moreover, trading volume on PEPE derivatives has surpassed $1 billion, with a notable increase in Open Interest (OI) in the 1000PEPE contract.

PEPE's market depth has also seen significant improvement, with a 32% increase in 24-hour trading volume on spot markets. Notably, PEPE's market depth in Q1 of 2024 reached its highest levels ever, reflecting the meme coin's growing popularity and market activity.

Overall, while Coinbase's decision to delay PEPE's Futures listing has raised questions, PEPE's recent price surge and strong market performance indicate continued interest and support within the crypto community.