- Coinbase, the largest crypto exchange in the United States, has announced its intention to list the popular dog-themed cryptocurrency, Shiba Inu (SHIB), on its futures contracts.
- The exchange has submitted an official filing to the Commodity Futures Trading Commission (CFTC) to initiate trading as soon as possible.
- Coinbase’s move underscores the growing influence of meme coins like Shiba Inu in the volatile cryptocurrency market.
Coinbase plans to list Shiba Inu (SHIB) for futures contracts, a move that could significantly impact the meme coin’s market presence and provide investors with new tools for risk management and speculation.
Coinbase To Add Shiba Inu To Futures Derivatives Contracts
Shiba Inu has received a significant boost from Coinbase’s new futures contracts filing, highlighting the increasing importance of meme coins in the crypto space despite market volatility. In an official blog post on June 28, Coinbase revealed its plan to include Shiba Inu among other popular cryptocurrencies in its new futures products list.
Coinbase is set to become the first US exchange to offer margined futures contracts for Shiba Inu and other cryptocurrencies. The filing submitted to the CFTC details various aspects of the futures contracts, including market volatility, regulatory compliance, and the self-certification process.
According to Coinbase, the inclusion of Shiba Inu in its new crypto derivatives contracts will enable participants and clients to manage risks better, speculate on price movements, and engage more effectively with the crypto economy with lower initial capital requirements. This decision underscores Coinbase’s commitment to meeting the needs of its broad user base.
Furthermore, this move reflects the exchange’s dedication to providing diverse and accessible trading options, distinguishing it from other US-regulated futures markets. The new filing aims to expand Coinbase’s digital product offerings, potentially enhancing the overall trading experience while ensuring a safe and reliable trading environment.
Besides Shiba Inu, Coinbase will add other cryptocurrencies such as Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), and Stellar (XLM) to its crypto derivatives futures contracts. These futures products are set to launch on Monday, July 15.
Shiba Inu Price Fails To React To Coinbase New Filing
Despite the recent announcement by Coinbase regarding Shiba Inu futures contracts, the cryptocurrency’s price has not shown significant upward movement. This news, which could have potentially triggered a bullish trend for the meme coin, has had a limited impact on Shiba Inu’s market sentiment.
As of now, Shiba Inu continues to trade below the $0.00002 mark, reflecting a 1.8% decline in the last 24 hours and a 38.91% drop over the past month. Shiba Inu has been underperforming since the beginning of June, consistently declining and reaching a price of $0.000017.
Conclusion
Coinbase’s initiative to include Shiba Inu in its futures contracts is a significant development in the crypto market, offering enhanced trading options and risk management tools. However, the immediate market reaction to this announcement has been muted. Investors and traders should closely monitor how these new derivatives products perform once they are launched, as they could provide valuable insights into the potential future movements of Shiba Inu and other listed cryptocurrencies.
