Bittime – Coinbase, one of the leading crypto exchanges, has announced plans to introduce perpetual futures contracts for three well-known meme coins: Shiba Inu (SHIB), FLOKI, and BONK. These new futures contracts will be available on the Coinbase International Exchange and Coinbase Advanced platforms.
Starting from the Announcement at X Coinbase
On May 23, Coinbase International Exchange posted on X about the upcoming listing of Bonk, FLOKI, and Shiba Inu perpetual futures. The introduction of these contracts signals Coinbase's commitment to increasing meme coin trading on its platform. Starting at 9:30 am UTC on May 30, 2024, traders will be able to engage in 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP futures contracts. This move aims to provide a more diverse trading experience for crypto enthusiasts and investors.
History of Price Rally After Listing Announcement
Listing these meme coins on Coinbase is expected to increase their prices significantly. Historically, coins such as Dogecoin, Pepe Coin, and other meme coins have seen substantial trading activity on the Coinbase International Exchange and Coinbase Advanced platforms. This trend suggests that SHIB, FLOKI, and BONK may experience similar spikes after their listing.
Check Today's Crypto Market:
Perpetual Futures Contracts For ONDO, PYTH and ZETA Coins
In addition to the meme coin, Coinbase International Exchange has also initiated trading for ONDO-PERP, PYTH-PERP, and ZETA-PERP, bringing the total number of supported cryptocurrencies to 47. The exchange reported trading volume of $1.27 billion and total open interest of $33.39 million today.
Listing Announcement on the Exchange: A Sign of Rising Prices?
The potential for a rally in SHIB, FLOKI, and BONK is high, as being listed on Coinbase often acts as a significant catalyst for price increases. Although traders have not responded dramatically to the announcement, the meme coin is expected to see a price increase, much like PEPE experienced after its listing on Coinbase.
SHIB Market Conditions
Currently, SHIB price has declined by 5% in the last 24 hours but is up by 1% over the last week, trading at $0.00002451. 24-hour trading volume has fallen by 30%, indicating a decline in trader interest.
FLOKI Market Conditions
FLOKI price fell by 2% in the last 24 hours after experiencing an increase of 10% the previous week, maintaining the trend of higher trading volumes.
BONK Market Conditions
In contrast, BONK price increased by 5% in the last 24 hours, currently trading at $0.00003488. Over the past week and month, BONK has seen increases of 46% and 55%, respectively.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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