Arthur Hayes, the former CEO of BitMEX, recently tweeted his support for the exchange’s decision to launch PEPE Coin futures. Beginning on May 3, 2023, BitMEX traders will have access to two new listings that will let them buy or sell PEPE: PEPEUSD and PEPEUSDT.
PEPE is a meme symbol that was created as a tribute to the well-known Pepe the Frog figure, who has recently seen tremendous popularity. In every stage of the market, there is a time like the current cycle when absurdity occurs. In this time, oddly enough, there is a lot of money and no correlation with fundamentals or in-depth technical parameters in the projects that are coming out. All of these is relevant to PEPE Coin.
Unprecedented tales of investors winning millions of dollars out of a mere several hundred dollars gave rise to the coin’s popularity. However, it’s never been made clear whether they were insiders or just extremely fortunate.
Major exchanges quickly adopted PEPE as the start of a new season of meme tokens because they saw an opportunity to grow their user bases and capture a sizable portion of the market.
The end of the “up only” trend for tokens may be signalled by the launching of PEPE token margin contracts on BitMEX with a high leverage ratio. Due to the elevated volatility and high leverage ratio, token trading may resemble a game of “hot potato” in which the final token holder serves as the exit liquidity.
