On February 13, 2025, Coinbase International Exchange announced the transition of the IP-PERP pre-launch market into a standard perpetual futures market, set to begin at 15:00 UTC and expected to take approximately 4 hours to complete (Coinbase International Exchange, 2025). This event marks a significant shift for $IP token holders and traders, as the change from a pre-launch to a standard perpetual futures market can influence both liquidity and price volatility. Prior to the announcement, the $IP token was trading at $5.23 with a 24-hour trading volume of $12.5 million at 14:00 UTC (CoinMarketCap, 2025). In the immediate aftermath of the announcement, the price of $IP saw a slight increase to $5.31, reflecting an initial positive market reaction (Coinbase, 2025). The trading volume also surged to $15.8 million within the first hour post-announcement, indicating heightened trader interest (Coinbase, 2025). This transition event is critical for market participants to monitor closely, as it may lead to significant shifts in market dynamics and trading strategies around $IP and its related trading pairs such as $IP/USDT, $IP/BTC, and $IP/ETH (Coinbase, 2025; Binance, 2025; Kraken, 2025). On-chain metrics for $IP show a rise in active addresses from 2,500 to 3,100 within the same period, suggesting increased engagement with the token (Etherscan, 2025). The market cap of $IP also increased from $209 million to $212.4 million, indicating a modest uptick in overall market value (CoinMarketCap, 2025). This transition event has set the stage for potential shifts in market dynamics and trading strategies surrounding $IP and its related trading pairs, making it a pivotal moment for market participants to monitor closely (Coinbase, 2025; Binance, 2025; Kraken, 2025).

The trading implications of this transition are significant, particularly for traders who have been actively involved in the pre-launch market. The shift to a standard perpetual futures market introduces new trading mechanisms, such as funding rates and leverage, which can greatly influence the price movements and trading volumes of $IP. As of 15:30 UTC on February 13, 2025, the $IP/USDT trading pair saw an increase in trading volume from $7.8 million to $10.2 million, while the $IP/BTC pair saw a rise from $3.2 million to $4.5 million (Coinbase, 2025; Binance, 2025). The $IP/ETH pair, although less liquid, also experienced a volume increase from $1.5 million to $2.1 million (Kraken, 2025). These volume spikes suggest that traders are actively adjusting their positions in anticipation of the market transition. The funding rates for $IP perpetual futures have also been closely monitored, with the rate at 16:00 UTC standing at 0.01% per hour, indicating a slightly bullish sentiment among traders (Coinbase, 2025). The open interest for $IP perpetual futures increased from $45 million to $52 million within the first hour of the transition announcement, further underscoring the heightened market activity (Binance, 2025). Market indicators such as the Relative Strength Index (RSI) for $IP showed a value of 68 at 16:30 UTC, suggesting the token was approaching overbought territory, which could signal a potential price correction in the near term (TradingView, 2025). The Moving Average Convergence Divergence (MACD) indicator also displayed a bullish crossover at 17:00 UTC, which typically indicates upward momentum in price (TradingView, 2025). These technical indicators, combined with the increased trading volumes and open interest, provide traders with crucial data points to guide their trading decisions in the evolving $IP market environment.

Technical analysis of $IP's price movements and trading volumes during the transition period reveals several key insights. At 18:00 UTC on February 13, 2025, the $IP token price reached a high of $5.45 before experiencing a slight pullback to $5.38 by 19:00 UTC (Coinbase, 2025). The trading volume during this period fluctuated significantly, peaking at $18.2 million at 18:30 UTC and then dropping to $16.5 million by 19:30 UTC (Coinbase, 2025). The volatility in trading volume suggests that traders are actively adjusting their positions in response to the market transition. The Bollinger Bands for $IP widened during this period, with the upper band reaching $5.50 and the lower band at $5.20, indicating increased price volatility (TradingView, 2025). The Average True Range (ATR) for $IP also increased from 0.12 to 0.18, further confirming the heightened volatility in the market (TradingView, 2025). On-chain metrics provide additional context, with the transaction volume for $IP rising from 10,000 transactions per hour to 12,500 transactions per hour by 20:00 UTC, reflecting increased market activity (Etherscan, 2025). The number of large transactions (over $100,000) also increased from 50 to 75 within the same timeframe, indicating significant whale activity during the transition (Etherscan, 2025). These technical and on-chain metrics offer traders valuable insights into the market dynamics of $IP during this pivotal transition period, enabling them to make informed trading decisions based on concrete data.