Coinbase, a prominent cryptocurrency exchange in the United States, has recently made a significant expansion to its perpetual futures offering. The exchange has announced that it will be integrating three popular cryptocurrencies with dog-themed names: Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK). This integration is set to take place on May 30, 2024, at 9:30 am UTC, as stated by Coinbase on its international platform.
This move follows the success of Pepe (PEPE), a meme coin with a frog theme, which experienced a surge in prices after being listed on Coinbase International. The popularity of PEPE perpetual futures, which come with a thousand-fold multiplier, resulted in a trading volume of an astonishing $5.36 billion in the past 24 hours, surpassing even Dogecoin in terms of derivatives trading volume.
Coinbase International Exchange (@CoinbaseIntExch) will now offer support for Bonk, FLOKI, and Shiba Inu perpetual futures on both the Coinbase International Exchange and Coinbase Advanced platforms. The markets for 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP will open at or after 9:30 am UTC on May 30, 2024.
The newly added SHIB, FLOKI, and BONK smart contracts on Coinbase are specifically designed to attract advanced traders and derivatives investors by providing them with sophisticated trading tools in the volatile cryptocurrency market.
The impact of this expansion was immediately evident in the market. Following the announcement, the trading volume of the FLOKI contract increased by 18%, multiplying a thousand times and reaching $375.58 million within just 24 hours. This surge in activity was predominantly observed on Binance, where traders displayed remarkable optimism, as evidenced by the long versus short positions ratio of 2,0166.
As for the performance of these cryptocurrencies in the overall market, FLOKI has seen a 3% increase in the last 24 hours and has gained 18% over the past month. In comparison, Bonk experienced a 2% decrease in the last day, while SHIB saw a 1% increase and is currently trading near $0.00002441.
It is important to note that the views and opinions expressed in this article, including those of the author and anyone mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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