Memecoins
Perpetual Futures for Shiba Inu (SHIB) and Other Meme Coins Added by Coinbase
Alex Dovbnya
Coinbase announced support for perpetual futures based on top meme coins
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Coinbase International has announcement an upcoming perpetual futures listing for Shiba Inu (SHIB) and other meme coins.
Just like traditional futures contracts, perpetual futures contracts are intended to replicate the price movement of the underlying asset. However, the difference is that they do not have an expiration date, which essentially means that they can be kept indefinitely.
It should be noted that Coinbase perpetual futures are only available to non-US customers in certain jurisdictions.
The exchange offers perpetual futures contracts for a host of cryptocurrencies, including Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), Bitcoin Cash (BCH), Pepe (PEPE), and more.
Earlier this month, Coinbase also announced that it was set to launch gold and oil futures due to growing demand from sophisticated traders.
Coinbase opened its offshore derivatives exchange last May. In September, it received regulatory approval to offer its future to users outside the United States.
Even the coins dive
The price of SHIB is down more than 4% in the last 24 hours, according to CoinGecko.
Meanwhile, dogwifhat (WIF) fell 7%, underperforming other meme coins.
Bonk (BONK) is the only meme cryptocurrency in the green after adding 3%.
Meme Coins are Underperforming Due to a Broader Cryptocurrency Market Crash. Bitcoin is currently on track to lose the $67,000 level.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.