- Coinbase Derivatives markets welcome SHIB, FLOKI & BONK.
- Previously added PEPE now encircles over $5B in daily trades.
- FLOKI, BONK succumbs to correction despite rising volumes.
The international subsidiary of Coinbase’s crypto exchange has announced the inclusion of three popular canine coins into their Perpetual Futures service offering. According to the official Coinbase announcement on X, the crypto platform is ready to add support for Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK) at 9:30 am UTC on May 30, 2024.
PEPE Breaks Records, Overshadows DOGE
This new deal includes 1000 times multiplied smart contracts, adapted for Derivatives traders. Available on Coinbase International and Coinbase Advanced, these smart contracts on meme coins follow suit of Pepe (PEPE), as the frog-themed meme coin soared to new all-time peaks twice after Coinbase International listed the token.
Over a month after Coinbase International and Coinbase Advanced listing, Pepe’s 1,000-times multiplied 1000PEPE Derivatives contract became the most popular among meme coins. The current trading volume for 1000PEPE on Derivatives is $5.36 billion in the latest 24-hour window.
Dogecoin’s Derivatives trades totaled $4.76 billion during the same time period, despite DOGE’s $22.9B global market cap. PEPE leads in Derivatives by trading volume despite having a fourfold lesser market capitalization at $5.79B.
Vikings Salute FLOKI: Price to Follow Suit?
The latest move by American crypto behemoth Coinbase planted rows of optimism for the FLOKI community, which cheered the breakthrough moment on X. “Congratulations vikings,” greeted Elja Boom, a renowned crypto investor and a proud member of the Forbes 40U40 list.
Following the news, FLOKI’s 1,000-times multiplied smart contract saw an 18% upswing in trades, now consisting of $375.58M over the past 24 hours. With most of these FLOKI trades occurring on Binance, traders on this crypto exchange are the most bullish on FLOKI with a long versus short position ratio of 2.0166.
As of press time, Floki is exchanging hands at $0.0002175, sliding down by 5.8% over the past 24 hours amid the ongoing crypto market correction. In a monthly perspective, FLOKI inked 7.7% gains, while the competing Bonk fetched 20.2% during the same timeframe. Out of the freshly-accepted coins, only Shiba Inu faced an 11% deficit in a 30-day window. According to the latest CoinGlass on-chain data, SHIB’s long versus short ratio points to 0.90, slightly leaning towards the bearish side.
On the Flipside
- In the market-wide crypto correction on Friday, BONK took the biggest hit by plunging 10.7% over the past 24 hours.
- Whilst BONK’s Derivatives picked up 17% in 24-hour volume, the liquidated long positions on BONK piled up to $1.60M.
Why This Matters
Coinbase is arguably the most compliant crypto exchange in the United States, boasting over 100 million active users. Adding popular meme coins to its Derivatives offerings, Coinbase recognizes SHIB, FLOKI, and BONK as mature digital assets.
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