Memecoins
Coinbase Announces Support for This Trending Meme Coin, Price Explodes
TL;DR
- The cryptocurrency market has seen significant volatility as major assets saw price drops, but a Solana-based coin surged 10% per day.
- Its rally is likely linked to Coinbase’s decision to allow some trading services with it.
Flashing green in the middle of the global correction
The cryptocurrency market has seen a sharp decline in recent days. Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and many other top digital assets are plunged into the red on a weekly scale, while the situation in the coin sector is no better. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and Floki Inu (FLOKI) have fallen over the past 24 hours, but there are a few exceptions that have seen a price rise.
One example is the Solana-based BOOK OF MEME (BOME), which grew by 10%. Its resurgence happened shortly after crypto exchange Coinbase announcement it will launch BOME perpetual contracts. The offer is expected to go into effect on June 20.
BOME came into existence in mid-March this year, attracting the attention of industry players days later after its market capitalization surpassed the $1 billion mark. The rally was likely fueled by Binance, which listed the following trading pairs on its platform: BOME/BTC, BOME/USDT, BOME/FDUSD and BOME/TRY. Currently, the token’s market capitalization stands at over $700 million, making it the 117th largest cryptocurrency.
It is worth mentioning that Notcoin Perpetual Contracts (NOT) will also be available to Coinbase users on June 20. However, the asset did not see a price increase, remaining in red territory.
Coinbase and Coins Meme
Earlier this year, the company added similar support to Shiba Inu (SHIB), Floki Inu (FLOKI) and Bonk Inu (BONK) by introducing perpetual futures contracts 1000SHIB-PERP, 1000FLOKI-PERP and 1000BONK-PERP.
These products allow traders to speculate on future price movements of certain cryptocurrencies without owning them. They have no expiration date, offer high leverage, and require users to maintain a certain level of margin to keep their positions open.
Other popular coins, including dogwifhat (WIF) and Pepe (PEPE), have also gained the company’s endorsement. PEPE perpetual futures contracts were spear on Coinbase International Exchange and Coinbase Advanced at the end of April this year. Prior to this, the price of WIF increased by more than 15% every day after the company introduced WIF perpetual contracts.