Memecoins
Perpetual futures for Shiba Inu (SHIB) and other meme coins added by Coinbase
Coinbase International has announced an upcoming perpetual futures listing for Shiba Inu (SHIB) and other meme coins.
Just like traditional futures, perpetual futures are intended to replicate the price action of the underlying asset. However, the difference is that they do not have an expiration date, which basically means that they can be held indefinitely.
It is worth noting that Coinbase perpetual futures are only available to non-US customers in select jurisdictions.
The exchange offers perpetual futures for a number of cryptocurrencies, including Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), Bitcoin Cash (BCH), Pepe (PEPE), and so on.
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Earlier this month, Coinbase also announced that it was on track to launch gold and oil futures due to growing demand from sophisticated traders.
CoinBase opened its offshore derivatives exchange last May. It received regulatory approval in September to offer its futures to users outside the United States.
Meme coins plummet
The price of SHIB according to CoinGecko it has fallen by more than 4% in the last 24 hours.
Related
Meanwhile, dogwifhat (WIF) fell as much as 7%, underperforming other meme coins.
Bonk (BONK) is the only meme cryptocurrency in the green after adding 3%.
Meme coins are underperforming amid a broader cryptocurrency market crash. Bitcoin is currently on track to lose the $67,000 level.