Coinbase, a top cryptocurrency exchange, has announced that it will soon launch perpetual futures contracts for three popular meme coins: Shiba Inu (SHIB), FLOKI, and BONK. These contracts will be available for trading on both the Coinbase International Exchange and Coinbase Advanced platforms.

Expanded Derivatives Offerings

In a recent post on X, Coinbase International Exchange revealed that it will list perpetual futures for Bonk, FLOKI, and Shiba Inu starting from May 30, 2024, at 9:30 am UTC. This move shows Coinbase's effort to cater to the increasing demand for meme coin trading on its advanced platforms.

Trading Details and Expected Impact

Traders can look forward to engaging with the new contracts labeled as 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. Coinbase aims to diversify the trading options for its users, enhancing the overall trading experience for cryptocurrency enthusiasts and investors.

The listing is expected to boost the prices of Shiba Inu, Floki, and Bonk, similar to the price surge seen with PEPE after its Coinbase listing. Despite the initial announcement not causing a significant immediate market reaction, these meme coins are anticipated to gain upward momentum soon.

Current Market Performance

As of now, Shiba Inu (SHIB) has seen a 5% price drop over the past 24 hours but is up by 1% for the week, currently trading at $0.00002451. The trading volume has declined by 30%, indicating reduced trader interest.

Floki (FLOKI) experienced a 2% decrease in the past 24 hours, following a more than 10% increase last week. The trading volumes for FLOKI remain relatively high.

Bonk (BONK) has seen a 5% increase in the last 24 hours, trading at $0.00003488. The coin has rallied by 46% over the past week and 55% over the past month.

Growing Exchange Activity

In addition to these listings, Coinbase International Exchange also began trading for ONDO-PERP, PYTH-PERP, and ZETA-PERP, bringing the total number of supported cryptocurrencies to 47. The exchange recorded a trading volume of $1.27 billion today, with total open interest reaching $33.39 million.

Conclusion

The upcoming listing of perpetual futures for Shiba Inu, Floki, and Bonk on Coinbase is poised to drive significant trading activity and potential price increases for these meme coins. This move underscores Coinbase's strategy to expand its derivatives offerings and cater to the growing interest in meme coin trading among its user base.