This Popular Meme Coin Soars Following Support From Coinbase: Details

TL;DR

• PEPE has outperformed other meme coins with a 6% daily and 40% weekly price increase, boosted by its addition to Coinbase’s trading program.
• Over the past year, its value has surged by approximately 1,800%, with its market capitalization currently equaling almost $3 billion.

PEPE Defies the Current Market Trend

The popular frog-themed meme coin – Pepe (PEPE) – is among the best performers in the cryptocurrency market, with its price rising by 6% on a daily scale. Moreover, its valuation is up nearly 40% over a week.

In comparison, other meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF) have recorded some losses in the past 24 hours.

PEPE’s latest green wave came shortly after the leading crypto exchange Coinbase expanded support to the token. Specifically, it introduced  Pepe perpetual futures on Coinbase International Exchange and Coinbase Advanced.

“The opening of our 1000PEPE-PERP market will begin on or after 9:30am UTC on 23 APR 2024,” the announcement reads. 

Earlier this month, the meme coin dogwifhat (WIF) also witnessed a price resurgence following similar actions from Coinbase. Its value  soared  by 15% after the company added WIF perpetual contracts.

PEPE’s Impressive Year

The meme coin, currently the third-largest in its realm, was launched last April and quickly became one of the market’s sensations. Its price is up approximately 1,800% yearly, while its market capitalization briefly surpassed $4 billion in March.

PEPE’s impressive performance over the past months could have been fueled by support from other exchanges (besides the aforementioned backing from Coinbase).

As CryptoPotato  reported , Binance officially listed the coin in May 2023. It recently  expanded trading services with it, adding PEPE among the loanable assets on Binance Loan.