Bitcoin and Ethereum are experiencing modest gains in the past 24 hours, up 2.25% and 0.90% respectively. However, PEPE, a leading Ethereum-based memecoin is emerging as one of the best performers among the top 100 coins by market capitalization. Over the past 24 hours, PEPE's price has spiked from $0.00000572 to its current value of $0.000006793, marking a remarkable 10.25% surge. In the past seven days, it has seen an impressive 35% jump.

The recent surge in price follows the announcement by Coinbase International, the global arm of the largest U.S. crypto exchange, regarding the listing of PEPE perpetual contracts. This move is particularly significant as it increases liquidity and exposure for the asset. Initially scheduled for April 18, the opening of Coinbase's 1000PEPE-PERP market was delayed due to technical reasons. However, trading is now set to commence on Tuesday, April 23.

The news of Coinbase's listing was met with great enthusiasm across Crypto Twitter. Coinbase also revealed plans for perpetual futures involving Dogwifhat (WIF), a prominent Solana memecoin, with trading slated to begin on April 25.

PEPE rallied by over 700% from the end of February on the back of a memecoin trading frenzy in the crypto markets. However, it underwent a significant correction since touching an all-time highs of $0.00001074 on March 14, retracing by almost 50%. Currently, PEPE’s futures contracts saw a 25% increase in open interest, totalling $224.50 million.