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Coinbase Embraces Solana Meme Coin Dogwifhat

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Thu, 18/04/2024 - 18:31
Coinbase Embraces Solana Meme Coin Dogwifhat
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Coinbase's international exchange has announced the listing of perpetual futures tied to Solana-based meme coin dogwifhat (WIF) in its Thursday post on the X social media. 

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A perpetual futures contract is a very popular derivative product that allows traders to speculate on the price trajectory of a certain cryptocurrency without owning it. The lack of expiry dates set it apart from ordinary futures.  

The price of WIF is up 2.5% over the past 24 hours, which makes it one of the best-performing meme coins. 

As reported by U.Today, the red-hot meme coin also secured a listing on Binance in early March. In addition, it has also started trading on BitMEX. 

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The token is also available on such trading platforms as Gate.io, WhiteBIT, Pionex, MEXC, and so on. Binance accounts for more than a third of the exchange's total volume.

Last month, the Solana-based meme coin managed to surpass meme coin rival Pepe (PEPE) by market cap. The two cryptocurrencies are currently valued at $2.5 billion and $2.1 billion, respectively. However, it is worth noting that both tokens are now down more than 30% over the past week amid the cryptocurrency market rout. 

As reported by U.Today, PEPE perpetual futures were listed on Coinbase International earlier this month. The listing resulted in a brief price spike for the meme cryptocurrency. 

Coinbase International, which was initially announced last May, obtained a regulatory nod to offer perpetual users to non-US users last September. 

In December, Coinbase announced that its institutional customers would gain access to spot trading. So far, only Bitcoin and Ethereum can be traded against the USDC stablecoin.     

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