Coinbase has made a savvy move in the midst of the meme coin frenzy by launching perpetual futures contracts for popular meme coins Shiba Inu, Floki, and Bonk. This move is expected to boost trading activity for these meme coins. Excitingly, Shiba Inu’s lead developer has also hinted at potential upgrades and the possibility of a SHIB ETF in the future.
In order to capitalize on the current craze surrounding meme coins, crypto exchange Coinbase has introduced perpetual futures contracts for some of the most popular meme coins, including Shiba Inu, Floki, and Bonk. These contracts will be available on both the Coinbase International Exchange and Coinbase Advanced platforms.
In a recent announcement, Coinbase International Exchange revealed the listing of Bonk, Floki, and Shiba Inu perpetual futures. This addition highlights the high level of trading activity on both Coinbase International Exchange and Coinbase Advanced.
Starting from May 30, 2024 at 9:30 am UTC, users will have the opportunity to trade 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. This new addition of futures contracts aligns with Coinbase’s strategy to provide a diverse trading experience for crypto enthusiasts and investors.
Following the listing next week, it is anticipated that Shiba Inu, Floki, and Bonk will experience a significant surge in momentum. Currently, Dogecoin, Pepe Coin, and Dogwifhat are the most actively traded meme coins on the platform.
Furthermore, Coinbase International Exchange has expanded its trading options to include ONDO-PERP, PYTH-PERP, and ZETA-PERP, bringing the total number of supported cryptocurrencies to 47. The derivatives trading platform has reported $1.27 billion in trading volumes today, with a total open interest of $33.39 million.
In addition to these developments, Coinbase has also taken other initiatives, such as introducing Avalanche (AVAX) staking, as reported by Crypto News Flash.
The listing on Coinbase platforms is expected to have a significant impact on the prices of Bonk, Floki, and Shiba Inu. Although traders did not immediately react to the announcement, these meme coins are likely to experience a rally similar to PEPE following its listing on Coinbase.
As of now, SHIB’s price has declined by 5% in the past 24 hours but has increased by 1% over the week, currently trading at $0.00002451. Its 24-hour low and high are $0.00002409 and $0.00002568, respectively. Additionally, trading volume has decreased by 30% in the last 24 hours, indicating a decrease in trader interest, according to Crypto News Flash.
Shytoshi Kusama, the lead developer of Shiba Inu, has hinted at the possibility of a Shiba Inu (SHIB) ETF and has teased significant future upgrades for the ecosystem. Kusama expressed his congratulations to Ethereum on its ETF approval and raised the question of whether this could pave the way for a SHIB ETF in the future.
As for FLOKI, its price has decreased by 2% in the past 24 hours, following a more than 10% increase last week, while trading volumes remain high. On the other hand, BONK’s price has surged by 5% in the last 24 hours, currently trading at $0.00003488. It has experienced a remarkable rally of over 46% in the past week and 55% in the past month.