- Coinbase Derivatives Market welcomes SHIB, FLOKI, and BONK.
- PEPE, previously added, now covers more than $5 billion in daily transactions.
- FLOKI, BONK succumbed to correction despite increased trading volume.
The international subsidiary of the Coinbase cryptocurrency exchange has announced the inclusion of three popular dog coins in its perpetual futures service offering. According to the official Coinbase announcement for became.
PEPE breaks records and eclipses DOGE
This new exchange includes a 1000x increase in smart contracts suitable for derivatives traders. The smart contracts for these meme coins, available on Coinbase International and Coinbase Advanced, follow in the footsteps of Pepe (PEPE). The frog-themed meme coin has soared to new all-time highs twice after Coinbase International listed the token.
More than a month after listing on Coinbase International and Coinbase Advanced, Pepe’s 1,000x 1000PEPE derivatives contract has become the most popular meme coin. The volume of 1000PEPE in derivatives in the last 24 hours was $5.36 billion.
Despite DOGE’s global market capitalization of $22.9 billion, Dogecoin’s derivatives trading totaled $4.76 billion during the same period. PEPE leads the derivatives sector by trading volume despite having a market capitalization four times smaller at $5.79 billion.
Vikings Salute FLOKI: What’s the price for it?
Recent moves by American cryptocurrency giant Coinbase have instilled optimism in the FLOKI community cheering on X’s breakthrough moment. “Viking, congratulations.” Greetings to Elja Boom, renowned cryptocurrency investor and proud member. Forbes 40U40 List.
Following this news, FLOKI’s 1,000x smart contract has seen an 18% increase in trading volume over the past 24 hours, now reaching $375.58 million. Since most FLOKI trading takes place on Binance, traders on this cryptocurrency exchange are the most bullish on FLOKI with a long to short position ratio of 2.0166.
At press time, Floki is trading at $0.0002175, down 5.8% in the last 24 hours due to the ongoing cryptocurrency market correction. On a monthly basis, FLOKI recorded a gain of 7.7%, while its competitor Bonk posted a gain of 20.2% over the same period. Among the newly approved coins, only Shiba Inu suffered an 11% deficit over a 30-day period. According to the latest CoinGlass on-chain data, SHIB’s long/short ratio is slightly tilted to the bearish side, pointing at 0.90.
On the flipside
- In Friday’s market-wide cryptocurrency correction, BONK took the biggest hit, plummeting 10.7% in the past 24 hours.
- While derivatives on BONK rose 17% in 24-hour volume, long positions liquidated on BONK reached up to $1.6 million.
Why This Matters
Coinbase is arguably the most compliant cryptocurrency exchange in the United States, boasting over 100 million active users. By adding popular meme coins to its derivatives offerings, Coinbase recognizes SHIB, FLOKI, and BONK as mature digital assets.
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