- Coinbase International Exchange announces Shiba Inu (SHIB), FLOKI, and BONK perpetual contracts listing.
- Users can start trading 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP from 9:30 am UTC on May 30.
- SHIB, FLOKI, and BONK prices are likely to witness a rally similar to Pepe Coin.
Coinbase expands its derivatives offerings with the listing of SHIB, FLOKI, and BONK perpetual futures contracts, potentially driving significant price rallies.
Coinbase Expands Derivatives Offering with SHIB, FLOKI, and BONK
Coinbase International Exchange has announced the listing of perpetual futures contracts for Shiba Inu (SHIB), FLOKI, and BONK. This move is part of Coinbase’s broader strategy to enhance its derivatives offerings and cater to the growing interest in meme coins. The new contracts will be available for trading on both the Coinbase International Exchange and Coinbase Advanced platforms, starting at 9:30 am UTC on May 30, 2024.
Market Implications and Potential Price Movements
The introduction of SHIB, FLOKI, and BONK perpetual futures contracts is expected to generate significant trading activity. Historically, the listing of meme coins on major exchanges has led to substantial price rallies. For instance, Pepe Coin experienced a notable surge following its listing on Coinbase. Market analysts anticipate a similar trend for SHIB, FLOKI, and BONK, potentially driving their prices upward in the coming weeks.
SHIB, FLOKI, BONK to Rally?
Listing on Coinbase platforms will be a major catalyst for price upsurge in Bonk, FLOKI, and Shiba Inu. Traders didn’t react immediately to the announcement, but these meme coins are likely to witness a rally similar to PEPE after Coinbase announced the listing.
SHIB price is down 5% in the past 24 hours and 1% up in a week. The price is currently trading at $0.00002451. The 24-hour low and high are $0.00002409 and $0.00002568, respectively. Furthermore, the trading volume has decreased by 30% in the last 24 hours, indicating a decline in interest among traders.
FLOKI price has dropped 2% in the last 24 hour after a more than 10% jump last week, with trading volumes still intact on the higher trend.
Meanwhile, BONK price jumped 5% in the last 24 hours, with the price currently trading at $0.00003488. The price has rallied over 46% in a week and 55% in a month.
Conclusion
The listing of SHIB, FLOKI, and BONK perpetual futures contracts on Coinbase International Exchange and Coinbase Advanced platforms marks a significant development in the crypto derivatives market. This move not only broadens the trading options for investors but also underscores the growing acceptance and popularity of meme coins. As the trading begins, market participants should closely monitor the price movements of these coins, as they are likely to experience increased volatility and potential rallies. This development reaffirms Coinbase’s commitment to diversifying its offerings and staying at the forefront of the evolving cryptocurrency landscape.
