Former CEO of BitMEX Arthur Hayes welcomed the addition of PEPE Coin futures on the exchange in a recent tweet. Starting from May 3, 2023, BitMEX traders will have access to two new listings, PEPEUSD and PEPEUSDT, which will enable them to long or short PEPE.
PEPE is a meme token inspired by the famous Pepe the Frog character that has gained immense popularity in recent times. In all stages of the market, there is a period like the current cycle, where absurdity happens — where, oddly enough, there is quite a bit of money and no correlation with fundamentals and deep technical parameters in the projects that are coming out. This all applies to PEPE Coin.
The coin's hype was born of unprecedented stories of some investors making millions of dollars out of literally a couple hundred. Whether they were insiders or really lucky, however, has never been clarified.
The appearance of PEPE launched a new season of meme tokens, which was immediately picked up by major exchanges, which saw in it a chance to increase the user base and take a relatively larger market share.
The listing of PEPE token margin contracts on BitMEX with a significant leverage ratio could mark the end of the "up only" trend for token. The increased volatility and high leverage ratio could turn the token trading into a "hot potato" game, where whoever holds the token last becomes the exit liquidity.