America’s largest crypto exchange, Coinbase revealed plans to list the popular dog-themed cryptocurrency, Shiba Inu (SHIB) for its futures contracts. The exchange has submitted an official application deposit to the Commodity Trading Futures Commission (CFTC) to begin trading as soon as possible.
Coinbase to Add Shiba Inu to Derivatives Futures
Shiba Inu received a major boost New Futures Contracts from Coinbase deposit, highlighting the growing influence of meme coins on the cryptocurrency market despite the current market volatility. Coinbase announced in its official statement blog post on June 28, a new list of futures products for its cryptocurrency derivatives products, including the second largest coin, Shiba Inu, and other popular cryptocurrencies.
According to the blog, Coinbase is expected to be the first-ever exchange in the United States (US) to offer margined futures contracts for Shiba Inu and other cryptocurrencies. The cryptocurrency exchange also submitted its futures derivatives contracts to the CFTCJune 28, providing details on the terms of the futures contracts, Volatility of the Shiba Inu marketcompliance with several regulatory conditions and other information related to its self-certification process.
Coinbase has revealed that the addition of Shiba Inu in its new crypto derivatives contracts will allow its participants and clients to better manage risks, speculate on price movements and effectively engage in the crypto-economy with a lower initial capital requirement. The crypto exchange revealed that its decision to offer margined Shiba Inu futures underlined its commitment to serving the needs of its large user base.
Furthermore, this also highlights the exchange’s commitment to continually providing diverse and accessible trading options, which sets it apart from other exchanges around the world. Regulated futures market in the United States. Furthermore, this new deposit should considerably expand its digital product offeringpotentially improving the overall trading experience of its users while maintaining a safe and reliable trading environment.
Excluding Shiba Inu, other cryptocurrencies that Coinbase will add to its crypto derivatives futures include Avalanche (AVA), Chainlink (LNK), Polkadot (DOT), and Stellar (XLM). Coinbase revealed in its blog post that these futures products will officially launch and begin trading on Monday, July 15.
Shiba Inu Price Unresponsive to New Coinbase Filing
Despite Coinbase’s recent announcement of a Shiba Inu futures contract, the price of the cryptocurrency has was not witnessed any significant upward movement. The news that could have triggered a slight uptrend for the popular meme currency appears to have had a minor impact on the Shiba Inu Market Sentiment.
At the time of writing, the Shiba Inu price continues to trade below the $0.00002 threshold, reflecting a 1.8% decline over the past 24 hours after a substantial 38.91% drop over the past month. Since the beginning of June, Shiba Inu has been significantly underperformingrecording consistent declines that pushed its price to $0.000017.
Featured image from Reddit, chart from TradingView
