Coinbase, the largest cryptocurrency exchange in the United States, has recently announced its plans to launch perpetual futures contracts for three popular cryptocurrencies: Bonk (BONK), Floki Inu (FLOKI), and Shiba Inu (SHIB). This exciting development is set to take place on May 30, 2024, at 9:30 AM UTC, exclusively for institutional clients located outside the United States.
The introduction of these perpetual futures contracts is expected to bring added flexibility and a wider range of trading strategies for investors. Traders will now have the opportunity to speculate on the price movements of these cryptocurrencies without actually owning the underlying assets.
Coinbase will be launching these products on its dedicated platforms, namely Coinbase International and Coinbase Advanced. Coinbase International specifically caters to institutional clients based outside the United States, while Coinbase Advanced provides advanced tools and features for professional traders.
The announcement of these new trading options has had a significant impact on Shiba Inu (SHIB), which has experienced a remarkable surge in trading volume. Over the past 24 hours, SHIB’s trading volume has increased by a staggering 51.95%, reaching a total of $955,251,666.
This surge in trading volume reflects a growing demand for SHIB trading options, making the upcoming launch of the 1000SHIB-PERP contract even more timely. According to the latest data, SHIB is currently trading at $0.00002390 on Coinbase.
From a technical standpoint, the Moving Average Convergence Divergence (MACD) indicator for SHIB is showing a bullish trajectory. It is currently positioned above the zero line at 0.00000013, indicating positive market sentiment. Additionally, the MACD’s histogram bars are gradually widening in the green zone, further reinforcing the optimistic outlook for SHIB.
The Keltner Channel indicator suggests that SHIB is currently experiencing a period of reduced volatility, as shown by the narrowing of the channel bands. This implies that Shiba Inu may enter a phase of price stability before any significant price movements occur.
Overall, Coinbase’s introduction of perpetual futures contracts for Bonk, Floki Inu, and Shiba Inu is set to bring new opportunities for investors and traders. The surge in trading volume for SHIB indicates a growing interest in the cryptocurrency, and the technical indicators suggest a positive outlook for its future price movements.