Coinbase Embraces Solana Meme Coin Dogwifhat

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In a recent post on their X social media platform, Coinbase International Exchange declared that they will be adding perpetual futures for the Meeme Token linked to Solana (WIF) to their listings, effective from Thursday.

A perpetual futures contract is an frequently used financial instrument for traders to bet on the future price trend of a specific cryptocurrency without having to actually possess it. What makes it unique is that it doesn’t have a predetermined expiration date.

Over the last 24 hours, WIF‘s price has risen by 2.5%, making it one of the top-gaining meme coins currently.

According to U.Today’s report, the popular meme token gained listings on Binance and BitMEX in early March, allowing for wider trading opportunities.

The token can be traded on various exchanges including Gate.io, WhiteBIT, Pionex, and MEXC, among others. Binance makes up over 30% of the trading platform’s total transaction volume.

Recently, the meme coin on the Solana platform outpaced its rival PEPE (Pepe the Frog coin) in terms of market capitalization, with valuations at around $2.5 billion and $2.1 billion respectively. Nevertheless, both cryptos have experienced significant losses over the past week, with declines of over 30% each due to the broader crypto market slump.

According to U.Today’s news, PEPE perpetual futures became available on Coinbase International around two weeks ago. This addition led to a short-term increase in PEPE’s value as a meme cryptocurrency.

Last September, Coinbase International, first unveiled in May, received regulatory approval to provide perpetual contracts to non-US residents.

In December, Coinbase revealed that its business clients could now conduct direct buying and selling of Bitcoin and Ethereum using the USDC digital currency as the standard.

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2024-04-18 21:49