Coinbase Delays Pepe Coin Perp Futures Launch, PEPE Price Declines
Highlights
- The Coinbase International Exchange has halted the launch of Pepe Coin futures.
- The move coincided with a decline in the PEPE price.
- The exchange cited technical issues as the reason for this delay.
Coinbase International Exchange, a leading crypto platform, stirred a buzz in the crypto community by delaying the launch of Pepe Coin (PEPE) futures. Moreover, this update coincided with a crash in the PEPE price. The price slump was expedited by significant liquidations and overall bearish sentiment in the market.
Coinbase Delays Pepe Coin Perp Launch
The Coinbase International Exchange cited technical reasons for the setback. Moreover, it promised to furnish an updated timeline at the earliest convenience. This unforeseen delay also might have influenced the price of Pepe Coin (PEPE), which lost 3.5% in value at the time of writing.
Earlier, on April 12, Coinbase International Exchange had made waves by introducing Pepe Coin perpetual futures. Furthermore, the crypto community labeled it as a move that was anticipated to mark a significant milestone in the platform’s evolution. Moreover, the futures were scheduled for deployment on April 18 but got delayed.
These perpetual futures contracts have been designed to empower traders to navigate the dynamic crypto markets without the constraints of expiration dates. In addition, this financial tool will enable traders to engage in speculation based on price fluctuations without the need to own the underlying asset.
Last week, the unveiling of Pepe Coin perpetual futures had initially sparked optimism among traders. At the time, it led to a notable 4% surge in the PEPE price. This uptick in trading value signaled renewed interest in PEPE meme coin.
Also Read: Pepe Coin Price Eyes Key Breakout Ahead of Bitcoin Halving
PEPE Price Dips
The Pepe Coin price dropped 3.49% to $0.000004951 at press time on Thursday. Whilst, the popular Solana meme coin held a market capitalization of $2.05 billion. In contrast, the trading volume for PEPE gained 3.23% to $671.82 million in the last 24 hours.
Meanwhile, PEPE witnessed massive liquidations today wherein longs dominated. According to Coinglass data, long liquidations amounted to $1.27 million while shorts witnessed $932,310 liquidations. The PEPE price decline was accelerated due to the long liquidations. However, shorts stabilized the situation with a subsequent buying pressure.
Also Read: Pepe Coin Price Soars 6%, A Profit-Booking Selloff Ahead?
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