Coinbase Announces Support for This Trendy Meme Coin Exploding in Price
TL;DR
- The cryptocurrency market has experienced significant volatility, with major assets experiencing price declines, but a solana-based meme coin is up 10% on the day.
- Its rise is likely linked to Coinbase’s decision to allow certain trading services.
Cryptocurrency market experienced There has been a serious decline in the last few days. The meme coin sector is faring no better, with Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and many other leading digital assets trending in the deep red on a weekly scale. dogecoin (DOGE), Shiba Inu (SHIB), pepe (PEPE), dog hat (WIF) and Floki Inu (FLOKI) have fallen in the last 24 hours but There are a few exceptions witnessed price increases.
An example of this is based in Solana BOOK OF MEME (BOME) increased by 10%. Its resurgence came shortly after crypto exchange Coinbase announced it. request Launch BOME permanent contracts. The proposal is scheduled to come into force on June 20.
BOME Price, Source: CoinGecko
BOME came to light in mid-March this year and caught the attention of industry participants just days after its market cap surpassed $1 billion. Rally It was probably fueled. by Binance listed The following trading pairs are available on the platform: BOME/BTC, BOME/USDT, BOME/FDUSD and BOME/TRY. Currently, the token’s market cap stands at over $700 million, making it the 117th largest cryptocurrency.
It is worth noting that Notcoin (NOT) perpetual contracts will also be available to Coinbase users on June 20. But, the asset did not witness a price The increase remained in the red zone.
Coinbase and Meme Coins
Earlier this year, company Additional Similar support to shiba inu (SHIB), Floki Inu (FLOKI) and bonk Inu (BONK) by offering 1000SHIB-PERP, 1000FLOKI-PERP and 1000BONK-PERP perpetual futures contracts.
These products allow investors to speculate on the future price movements of certain cryptocurrencies without owning them. They have no expiration dates, offer high leverage, and require users to maintain a certain margin level to keep their positions open.
Other popular meme coins also included dog hat (WIF) and Pepe (PEPE) It also received the approval of the company. PEPE perpetual futures started On Coinbase International Exchange and Coinbase Advanced at the end of April this year. Before After the company implemented WIF permanent contracts, the WIF price was seen increasing by more than 15% daily.
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