America’s largest cryptocurrency exchange, Coinbase will list another round of cryptocurrencies for its perpetual futures contract, this time opting for meme coins and featuring prominent tokens like Shiba Inu (SHIB)Bonk (BONK) and Floki (FLOKI).
Coinbase Perpetuals to List New Coins Meme
May 24, Coinbase International Exchange announcement that he will begin to offer perpetual futures contracts for three dog-themed meme pieces, Shiba Inu, Bonk and Floki. The crypto exchange made the official statement in an X (formerly Twitter) post, highlighting that the above cryptocurrencies will officially begin trading on or after Thursday, May 30 at 9:30 a.m.
This move will mean the integration of Shiba Inu, Bonk and Floki into Coinbase Derivatives Market, thereby opening up the trading of these popular coins to the crypto exchange’s vast user base. Since Coinbase limits perpetual futures trading to non-US customers, this strategic move is poised to expand more trading opportunities for crypto enthusiasts around the world.
Additionally, the crypto exchange revealed that transactions would be carried out on Coinbase International Exchange And Coinbase Advanceda subsidiary trading platform designed specifically for more experienced traders.
Coinbase also revealed the upcoming launch of 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. This implies that the new listing will feature 1,000x smart contracts for derivatives traders on the exchange.
Earlier last month, the crypto exchange introduced two more meme coins, Pépé (PEPE and Dogecon (DOGE) in its derivative contracts. After the launch, 1000PEPE-PERP became one of the most traded meme coins on the Coinbase derivatives market.
Coinbase is most likely expecting a similar increase in demand for its newly listed meme coins, given that Shiba Inu, Bonk, and Floki are highly sought-after cryptocurrencies in the market, ranking in the top 10 by market capitalization among meme coins.
Additionally, since the start of the month, Coinbase International Exchange has expanded its support for many popular cryptocurrencies for its perpetual futures contracts. One day before the announcement of the listing of SHIB, BONK and FLOKI, the stock exchange revealed the start of trading in Ondo Finance (ONDO), Pyth Network (PYTH) and ZetaChain (ZETA) perpetual futures contracts.
Shiba Inu, BONK and FLOKI are gaining momentum
Following the listing declaration of Coinbase, Shiba Inu, Bonk and Floki experienced new gains. Despite marginal declines over the past week, The price of SHIB has rebounded slightly by 4.55% in the last 24 hours, now trading at $0.000024.
BONKwhich experienced the highest gains between SHIB and FLOKI, rose significantly by 12.73%, pushing its price to $0.000036 at the time of writing. Meanwhile, Floki saw a notable increase of 7.75%, pushing its price to $0.00023.
Although Coinbase’s new derivatives listing could have potentially strengthened the prices of these cryptocurrencies, their daily trading volume saw a significant decline. According to CoinMarketCap, Shiba Inu’s 24-hour trading volume dropped 54.93%, Floki saw a 40.44% drop, and Bonk saw a substantial 47.56% drop.
Although this decline in trading activity highlights pessimistic investor sentiment, SHIB, BONK and FLOKI have steadily gained momentum despite market volatility and current conditions.
Featured image created with Dall.E, chart from Tradingview.com