Coinbase International has announced an upcoming perpetual futures listing for Shiba Inu (SHIB) and other meme coins.
Just like traditional futures, perpetual futures are meant to replicate the price action of the underlying asset. However, the difference is that they have no expiry date, which essentially means that they can be held indefinitely.
It is worth noting that Coinbase's perpetual futures are available only for non-US clients in select jurisdictions.
The exchange offers perpetual futures for a slew of cryptocurrencies, including Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), Bitcoin Cash (BCH), Pepe (PEPE), and so on.
Gamza KhanzadaevEarlier this month, Coinbase also announced that it was on track to launch gold and oil futures due to growing demand from sophisticated traders.
Coinbase opened its offshore derivatives exchange last May. In September, it received a regulatory nod to offer its futures to users outside the US.
Meme coins plunge
The price of SHIB is down more than 4% over the past 24 hours, according to CoinGecko.
Tomiwabold OlajideMeanwhile, dogwifhat (WIF) has slipped by as much as 7%, underperforming other meme coins.
Bonk (BONK) is the only meme cryptocurrency in the green after adding 3%.
Meme coins are underperforming due to a broader cryptocurrency market crash. Bitcoin is currently on track to lose the $67,000 level.
Arman Shirinyan
Dan Burgin
Vladislav Sopov