Coinbase is set to launch perpetual futures for Bonk (BONK), Floki Inu (FLOKI), and Shiba Inu (SHIB) on May 30, 2024, for institutional clients outside the U.S.
Following the news, SHIB has seen a 51.95% surge in trading volume over the last 24 hours.
Technical indicators, such as the MACD, suggest a bullish trajectory for SHIB.
Coinbase, the largest exchange in the United States, has announced the introduction of perpetual futures for three popular cryptocurrencies: Bonk (BONK), Floki Inu (FLOKI), and Shiba Inu (SHIB). This move is expected to provide investors with enhanced flexibility and diverse trading strategies.
The launch, scheduled for May 30, 2024, at 9:30 AM UTC. These perpetual futures contracts will allow traders to speculate on the prices of these cryptocurrencies without the need to hold the underlying assets.
Coinbase plans to introduce these products on its dedicated platforms, Coinbase International and Coinbase Advanced. Coinbase International caters specifically to institutional clients outside the United States, while Coinbase Advanced offers sophisticated tools for professional traders.
@CoinbaseIntExch will add support for Bonk, FLOKI, and Shiba Inu perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP markets will begin on or after 9:30am UTC 30 MAY 2024. $BONK $FLOKI $SHIB pic.twitter.com/TNNAFEjtHH
— Coinbase International Exchange (@CoinbaseIntExch) May 23, 2024
Shiba Inu Trading Volume Surges 51%
In the wake of the announcement, Shiba Inu (SHIB) has experienced a remarkable 51.95% increase in its trading volume over the last 24 hours, reaching $955,251,666.
This surge in interest reflects a growing demand for SHIB trading options, making the upcoming launch of 1000SHIB-PERP particularly well-timed. As per the latest data, SHIB is trading at $0.00002390 on Coinbase.
From a technical perspective, the MACD indicator for SHIB is currently positioned above the zero line at 0.00000013, indicating a bullish trajectory for the market. Furthermore, the MACD’s histogram bars are gradually widening in the green zone, reinforcing the optimistic sentiment surrounding SHIB.
The Keltner Channel indicator suggests that SHIB is experiencing a period of reduced volatility, as evidenced by the narrowing of the channel bands. This implies that Shiba Inu may undergo a phase of price stability before any significant price movements occur.
