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- Coinbase has introduced perpetual futures contracts for popular meme coins Shiba Inu, Floki, and Bonk, and will increase trading activity for these meme coins.
- Shiba Inu’s lead developer also hinted at potential future upgrades and a possible SHIB ETF, adding to the market excitement.
Amid the recent frenzy in the meme coin market, crypto exchange Coinbase made a smart move by introducing perpetual futures contracts for some of the top meme coins like Shiba Inu, Floki, and Bonk. As per the announcement, these contracts will be accessible on the Coinbase International Exchange and Coinbase Advanced platforms.
In a post on X on May 23, Coinbase International Exchange announced the listing of Bonk, FLOKI, and Shiba Inu perpetual futures. The addition of these meme coins indicates significant trading activity on both Coinbase International Exchange and Coinbase Advanced.
Starting from 9:30 am UTC on May 30, 2024, users can trade 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. These new futures contracts highlight Coinbase’s strategy to offer a diverse trading experience for crypto enthusiasts and investors.
Shiba Inu, Floki, and Bonk are expected to experience significant upward momentum following the listing next week. Currently, Dogecoin, Pepe Coin, and Dogwifhat are among the most traded meme coins on the platform.
Additionally, Coinbase International Exchange has opened trading for ONDO-PERP, PYTH-PERP, and ZETA-PERP, bringing the total number of supported cryptocurrencies to 47. The derivatives trading platform reported $1.27 billion in trading volumes today, with total open interest increasing to $33.39 million.
Besides, as per the Crypto News Flash report, Coinbase has also undertaken other initiatives such as introducing Avalanche (AVAX) staking.
The Price Action for Shiba Inu, FLOKI, and BONK
Listing on Coinbase platforms is expected to be a significant catalyst for price increases in Bonk, FLOKI, and Shiba Inu. Although traders didn’t immediately react to the announcement, these meme coins are likely to see a rally similar to PEPE following its Coinbase listing.
SHIB’s price has dropped 5% in the past 24 hours but is up 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 waning trader interest, per the Crypto News Flash report.
Shiba Inu’s lead developer, Shytoshi Kusama, hinted at the possibility of a Shiba Inu (SHIB) ETF and teased significant future upgrades for the ecosystem.
Kusama took to X (formerly Twitter) to congratulate Ethereum on its milestone. “Congrats to our frens at @ethereum on the ETF APPROVAL!” he wrote. Additionally, he hinted at a potential Shiba Inu ETF in the future, asking, “Does this pave the way for #SHIB?”
FLOKI’s price has declined by 2% in the past 24 hours, following a more than 10% increase last week, with trading volumes remaining high. In contrast, BONK’s price has surged 5% in the last 24 hours, currently trading at $0.00003488. It has rallied over 46% in the past week and 55% in the past month.
