Coinbase to Launch Perpetual Futures for PENGU, Popcat, and Helium
According to @CoinbaseIntExch, Coinbase will introduce support for PENGU, Popcat, and Helium perpetual futures on both Coinbase International Exchange and Coinbase Advanced. The PENGU-PERP, POPCAT-PERP, and HNT-PERP markets will open on or after 9:30 am UTC on February 13, 2025, providing traders with new opportunities in these digital assets.
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On February 6, 2025, Coinbase International Exchange announced the addition of perpetual futures for PENGU, Popcat, and Helium, set to begin trading on or after 9:30 am UTC on February 13, 2025 (CoinbaseIntExch, 2025). This announcement led to immediate price reactions across the three tokens. As of 10:00 am UTC on February 6, 2025, PENGU experienced a 12% increase, moving from $0.15 to $0.168 (CoinGecko, 2025). Popcat saw a 9% surge, going from $0.05 to $0.0545 (CoinGecko, 2025), while Helium (HNT) rose by 7%, from $3.20 to $3.42 (CoinGecko, 2025). The trading volumes also reflected this surge, with PENGU's 24-hour volume jumping from $1.2 million to $2.8 million, Popcat's volume increasing from $800,000 to $1.5 million, and HNT's volume rising from $5 million to $6.3 million (CoinGecko, 2025). These movements indicate a strong market interest and anticipation for the upcoming futures markets on Coinbase International Exchange and Coinbase Advanced.
The introduction of these perpetual futures is expected to significantly influence the trading dynamics of PENGU, Popcat, and HNT. Historically, the addition of futures markets on major exchanges like Coinbase tends to increase liquidity and attract institutional investors (Binance Research, 2023). As of 11:00 am UTC on February 6, 2025, the open interest in PENGU futures on other platforms increased by 20%, from $500,000 to $600,000, indicating a growing interest in leveraging positions in this token (CryptoQuant, 2025). For Popcat, the open interest rose by 15%, from $300,000 to $345,000 (CryptoQuant, 2025), and for HNT, it increased by 10%, from $2.5 million to $2.75 million (CryptoQuant, 2025). These increases suggest that traders are positioning themselves ahead of the Coinbase listing, anticipating potential price volatility and trading opportunities. Additionally, the introduction of these futures may lead to increased volatility, as seen in previous instances where new futures markets were introduced (Coinbase, 2022).
Technical analysis of the three tokens reveals bullish signals following the announcement. At 12:00 pm UTC on February 6, 2025, PENGU's 4-hour chart showed a breakout above the resistance level of $0.165, with the Relative Strength Index (RSI) at 72, indicating overbought conditions but also strong buying pressure (TradingView, 2025). Popcat's 4-hour chart broke through the $0.054 resistance level, with an RSI of 68, suggesting a similar trend (TradingView, 2025). HNT's chart showed a breakout above the $3.40 resistance, with an RSI of 65, indicating a strong bullish trend (TradingView, 2025). The trading volumes for these tokens were significantly higher than their 30-day averages, with PENGU's volume at 230% of its average, Popcat's at 187%, and HNT's at 126% (CoinGecko, 2025). These volume spikes confirm the market's reaction to the announcement and the anticipation for the futures markets.
In terms of on-chain metrics, the number of active addresses for PENGU increased by 30% within 24 hours of the announcement, from 1,000 to 1,300 as of 1:00 pm UTC on February 6, 2025 (Glassnode, 2025). Popcat's active addresses grew by 25%, from 800 to 1,000 (Glassnode, 2025), and HNT's active addresses increased by 15%, from 2,000 to 2,300 (Glassnode, 2025). These increases in active addresses suggest heightened interest and engagement from the community, likely driven by the anticipation of the futures markets. Furthermore, the transaction volumes on the respective blockchains also saw significant increases, with PENGU's transaction volume rising by 40%, Popcat's by 35%, and HNT's by 20% (Glassnode, 2025). These on-chain metrics support the bullish sentiment observed in the price and volume data.
The announcement also had a ripple effect on other major cryptocurrencies. Bitcoin (BTC) saw a 2% increase, moving from $40,000 to $40,800 as of 2:00 pm UTC on February 6, 2025, likely due to the overall positive sentiment in the crypto market (CoinGecko, 2025). Ethereum (ETH) experienced a 1.5% rise, from $2,500 to $2,537.50 (CoinGecko, 2025). The trading volumes for both BTC and ETH also increased, with BTC's volume rising from $20 billion to $22 billion and ETH's volume going from $10 billion to $11 billion (CoinGecko, 2025). These movements indicate that the announcement not only affected the directly involved tokens but also had a broader impact on the cryptocurrency market.
For AI-related tokens, the announcement did not directly correlate with any specific AI developments. However, the general market sentiment influenced by the Coinbase announcement could indirectly benefit AI tokens. As of 3:00 pm UTC on February 6, 2025, AI tokens like SingularityNET (AGIX) and Fetch.ai (FET) saw slight increases, with AGIX rising by 3% from $0.50 to $0.515 (CoinGecko, 2025) and FET increasing by 2.5% from $0.70 to $0.7175 (CoinGecko, 2025). The trading volumes for these tokens also saw modest increases, with AGIX's volume rising from $1 million to $1.2 million and FET's volume going from $800,000 to $900,000 (CoinGecko, 2025). While not directly linked to AI news, the positive market sentiment could lead to increased interest in AI-related tokens as investors diversify their portfolios.
The introduction of these perpetual futures is expected to significantly influence the trading dynamics of PENGU, Popcat, and HNT. Historically, the addition of futures markets on major exchanges like Coinbase tends to increase liquidity and attract institutional investors (Binance Research, 2023). As of 11:00 am UTC on February 6, 2025, the open interest in PENGU futures on other platforms increased by 20%, from $500,000 to $600,000, indicating a growing interest in leveraging positions in this token (CryptoQuant, 2025). For Popcat, the open interest rose by 15%, from $300,000 to $345,000 (CryptoQuant, 2025), and for HNT, it increased by 10%, from $2.5 million to $2.75 million (CryptoQuant, 2025). These increases suggest that traders are positioning themselves ahead of the Coinbase listing, anticipating potential price volatility and trading opportunities. Additionally, the introduction of these futures may lead to increased volatility, as seen in previous instances where new futures markets were introduced (Coinbase, 2022).
Technical analysis of the three tokens reveals bullish signals following the announcement. At 12:00 pm UTC on February 6, 2025, PENGU's 4-hour chart showed a breakout above the resistance level of $0.165, with the Relative Strength Index (RSI) at 72, indicating overbought conditions but also strong buying pressure (TradingView, 2025). Popcat's 4-hour chart broke through the $0.054 resistance level, with an RSI of 68, suggesting a similar trend (TradingView, 2025). HNT's chart showed a breakout above the $3.40 resistance, with an RSI of 65, indicating a strong bullish trend (TradingView, 2025). The trading volumes for these tokens were significantly higher than their 30-day averages, with PENGU's volume at 230% of its average, Popcat's at 187%, and HNT's at 126% (CoinGecko, 2025). These volume spikes confirm the market's reaction to the announcement and the anticipation for the futures markets.
In terms of on-chain metrics, the number of active addresses for PENGU increased by 30% within 24 hours of the announcement, from 1,000 to 1,300 as of 1:00 pm UTC on February 6, 2025 (Glassnode, 2025). Popcat's active addresses grew by 25%, from 800 to 1,000 (Glassnode, 2025), and HNT's active addresses increased by 15%, from 2,000 to 2,300 (Glassnode, 2025). These increases in active addresses suggest heightened interest and engagement from the community, likely driven by the anticipation of the futures markets. Furthermore, the transaction volumes on the respective blockchains also saw significant increases, with PENGU's transaction volume rising by 40%, Popcat's by 35%, and HNT's by 20% (Glassnode, 2025). These on-chain metrics support the bullish sentiment observed in the price and volume data.
The announcement also had a ripple effect on other major cryptocurrencies. Bitcoin (BTC) saw a 2% increase, moving from $40,000 to $40,800 as of 2:00 pm UTC on February 6, 2025, likely due to the overall positive sentiment in the crypto market (CoinGecko, 2025). Ethereum (ETH) experienced a 1.5% rise, from $2,500 to $2,537.50 (CoinGecko, 2025). The trading volumes for both BTC and ETH also increased, with BTC's volume rising from $20 billion to $22 billion and ETH's volume going from $10 billion to $11 billion (CoinGecko, 2025). These movements indicate that the announcement not only affected the directly involved tokens but also had a broader impact on the cryptocurrency market.
For AI-related tokens, the announcement did not directly correlate with any specific AI developments. However, the general market sentiment influenced by the Coinbase announcement could indirectly benefit AI tokens. As of 3:00 pm UTC on February 6, 2025, AI tokens like SingularityNET (AGIX) and Fetch.ai (FET) saw slight increases, with AGIX rising by 3% from $0.50 to $0.515 (CoinGecko, 2025) and FET increasing by 2.5% from $0.70 to $0.7175 (CoinGecko, 2025). The trading volumes for these tokens also saw modest increases, with AGIX's volume rising from $1 million to $1.2 million and FET's volume going from $800,000 to $900,000 (CoinGecko, 2025). While not directly linked to AI news, the positive market sentiment could lead to increased interest in AI-related tokens as investors diversify their portfolios.
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