CB announces support for this popular Meme Coin, and the price skyrocketed

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The cryptocurrency market has experienced severe declines over the past few days. Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and many other leading digital assets are in the red on a weekly basis, and the meme coin sector is not much better. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF) and Floki Inu (FLOKI) have all fallen over the past 24 hours, but there are a few exceptions that have seen price increases.

One example is Solana-based BOOK OF MEME (BOME), which surged 10%. Its recovery came shortly after cryptocurrency exchange Coinbase announced that it would launch BOME perpetual contracts. The product is scheduled to go live on June 20.

BOME was listed in mid-March this year, and a few days later its market value exceeded the $1 billion mark, attracting the attention of industry insiders. The rise may have been driven by Binance, which listed the following trading pairs on its platform: BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY. Currently, the market value of the token exceeds $700 million, making it the 117th largest cryptocurrency.

It is worth mentioning that the Notcoin (NOT) perpetual contract will also be open to Cb users on June 20. However, the price of this asset has not risen and is still in the red zone.

Meme Coins

Earlier this year, the company added similar support for Shiba Inu (SHIB), Floki Inu (FLOKI), and Bonk Inu (BONK) with the launch of 1000SHIB-PERP, 1000FLOKI-PERP, and 1000BONK-PERP perpetual futures contracts.

These products allow traders to speculate on future price movements without actually holding a specific cryptocurrency. They have no expiration date, offer high leverage, and require users to maintain a certain margin level to maintain their positions.

Other popular meme coins, including dogwifhat (WIF) and Pepe (PEPE), have also received approval from the company. PEPE perpetual futures were launched on Coinbase International Exchange and Cb in late April this year. Prior to this, the price of WIF surged by more than 15% per day after the company launched the WIF perpetual contract.