Memecoins
Coinbase Announces Support for This Trending Meme Coin, Price Explodes
TL;DR
- The cryptocurrency market has seen significant volatility, with major assets seeing price drops, but a Solana-based meme coin is up 10% each day.
- Its rally is likely tied to Coinbase’s decision to allow some trading services with it.
Flashing green during general correction
The cryptocurrency market has suffered a sharp decline in recent days. Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and many other major digital assets are in deep red on a weekly scale, while conditions in the meme coin sector are no better. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF) and Floki Inu (FLOKI) have fallen in the last 24 hours, but there are a few exceptions that have seen prices rise.
An example is the Solana-based BOOK OF MEME (BOME), which saw a 10% increase. Its rebirth came shortly after the cryptocurrency exchange Coinbase announced will launch BOME perpetual contracts. The offer is scheduled to come into force on June 20th.
BOME saw the light of day in mid-March this year, attracting the attention of industry players a few days later when its market capitalization crossed the billion-dollar 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 (NOT) perpetual contracts will also be available for Coinbase users on June 20th. However, the asset did not see any price increase, remaining in red territory.
Coinbase and meme coins
Earlier this year, the company added similar support to Shiba Inu (SHIB), Floki Inu (FLOKI) and Bonk Inu (BONK) by introducing 1000SHIB-PERP, 1000FLOKI-PERP and 1000BONK-PERP perpetual futures contracts.
These products allow traders to speculate on the future price movements of particular 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 meme coins, including dogwifhat (WIF) and Pepe (PEPE), have also received the company’s approval. PEPE perpetual futures were launched on Coinbase International Exchange and Coinbase Advanced at the end of April this year. Previously, the price of WIF had increased by more than 15% every day after the company introduced WIF perpetual contracts.