America’s largest cryptocurrency exchange, Coinbase will list another round of cryptocurrencies for its perpetual futures contract, opting for meme coins this time around and featuring prominent tokens like Shiba Inu (SHIB), Bonk (BONK) and Floki (FLOKI).
Coinbase Perpetuals To List New Meme Coins
On May 24, Coinbase International Exchange announced that it will start offering perpetual futures contracts for three doggy-themed meme coins, Shiba Inu, Bonk and Floki. The crypto exchange made the official statement in an X (formerly Twitter) post, highlighting that the above cryptocurrencies will commence trading officially on Thursday, May 30, on or after 9:30 am.
This move will signify the integration of Shiba Inu, Bonk and Floki into Coinbase’s derivatives market, opening up trading for these popular coins to the crypto exchange’s extensive user base. Given that Coinbase limits perpetual futures trading to non-US customers, this strategic move is poised to expand more trading opportunities for global crypto enthusiasts.
Additionally, the crypto exchange has disclosed that trades will be conducted on Coinbase International Exchange and Coinbase Advanced, a subsidiary trading platform designed specifically for more experienced traders.
Coinbase has also revealed the upcoming launch of 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. This implies that the new listing will feature smart contracts multiplied by 1,000 for derivatives traders on the exchange.
Earlier last month, the crypto exchange introduced two other meme coins, Pepe (PEPE and Dogecon (DOGE) in its derivatives contracts. Following the launch, 1000PEPE-PERP became one of the most traded meme coins in Coinbase’s derivatives market.
Coinbase most likely anticipates a similar surge 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.
Moreover, since the beginning of the month, Coinbase International Exchange has expanded its support for numerous popular cryptocurrencies for its perpetual futures contracts. A day before SHIB, BONK and FLOKI’s listing announcement, the exchange unveiled the commencement of trading for Ondo Finance (ONDO), Pyth Network (PYTH) and ZetaChain (ZETA) perpetual futures.
Shiba Inu, BONK And FLOKI Gain Momentum
Following Coinbase’s listing declaration, Shiba Inu, Bonk and Floki witnessed new gains. Despite experiencing marginal declines over the past week, SHIB’s price has slightly rebounded by 4.55% in the last 24 hours, now trading at $0.000024.
BONK, which saw 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 experienced a notable 7.75% increase, driving its price up to $0.00023.
While Coinbase’s new derivatives listing may have potentially bolstered the prices of these cryptocurrencies, their daily trading volume has recorded a significant decline. According to CoinMarketCap, Shiba Inu’s 24-hour trading volume plummeted by 54.93%, Floki witnessed a decline of 40.44%, and Bonk experienced a substantial 47.56% drop.
Although this decline in trading activity underscores pessimistic investor sentiment, SHIB, BONK, and FLOKI have been steadily gaining momentum despite market volatility and prevailing conditions.
Featured image created with Dall.E, chart from Tradingview.com