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.
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.
Tomiwabold OlajideThe 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.
Godfrey Benjamin
Dan Burgin
Vladislav Sopov