Shiba Inu Gets Major Boost From Coinbase With Latest CFTC Filing

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As a researcher with a background in cryptocurrencies and experience in following market trends, I find Coinbase’s decision to list Shiba Inu for futures contracts an intriguing development. The meme coin has gained significant influence in the crypto market despite its present volatility, making it an interesting addition to Coinbase’s offerings.

As a crypto investor, I’m excited to share that Coinbase, the leading American cryptocurrency exchange, has announced its plans to list Shiba Inu (SHIB) for futures contracts. This means that investors like us can soon trade SHIB using futures contracts. The exchange has taken the necessary step by filing an application with the Commodity Trading Futures Commission (CFTC) to initiate trading as soon as it’s approved.

Coinbase To Add Shiba Inu To Futures Derivatives Contracts

As a researcher studying the crypto market, I’ve noticed an significant surge in the influence of Shiba Inu following Coinbase’s recent announcement about new futures contracts. Despite the current market instability, this development highlights the growing clout of meme coins within the crypto sphere. In its blog post on June 28th, Coinbase unveiled a new roster of futures products for its derivatives section, which includes Shiba Inu as the second-largest meme coin and other prominent cryptocurrencies.

Based on the blog post, Coinbase is poised to become the first US cryptocurrency exchange to provide margined future contracts for Shiba Inu and other digital assets. The company has submitted an application for these futures derivatives contracts to the Commodity Futures Trading Commission (CFTC) on June 28, disclosing the contract terms, Shiba Inu’s market volatility, adherence to regulatory requirements, and additional details regarding its self-certification process.

Coinbase announced that introducing Shiba Inu into its fresh crop of crypto derivatives contracts comes with benefits such as enhanced risk management, speculation on price fluctuations, and a more accessible entry point for interacting with the cryptocurrency market for users and clients, starting with a smaller initial investment. The exchange expressed its dedication to serving its vast user base by offering leveraged futures contracts for Shiba Inu.

This exchange goes above and beyond by not only upholding its commitment to offering various and inclusive trading alternatives but also setting it apart from other regulated futures markets in the US. Furthermore, the recent filing aims to broaden its digital assets, potentially improving users’ trading experiences while ensuring a secure and dependable platform.

As a researcher, I’ve discovered that starting from next week, Coinbase will introduce crypto derivatives futures contracts for several digital assets besides Shiba Inu. These include Avalanche (AVA), Chainlink (LNK), Polkadot (DOT), and Stellar (XLM). According to the blog post published by Coinbase, these futures products are set to commence trading on Monday, July 15.

Shiba Inu Gets Major Boost From Coinbase With Latest CFTC Filing

Shiba Inu Price Fails To React To Coinbase New Filing

As an analyst, I’ve noticed that despite Coinbase’s recent announcement of a Shiba Inu futures contract, the price of this cryptocurrency hasn’t shown any substantial increase. The news, which could have potentially sparked a bullish trend for the popular meme coin, seems to have had only a minor effect on Shiba Inu’s market sentiment.

Currently, the cost of Shiba Inu remains below the $0.00002 mark during my composition of this text. This represents a 1.8% decrease in the last day following a massive 38.91% plunge over the past month. Since early June, Shiba Inu has experienced significant underperformance, resulting in a price drop to $0.000017.

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2024-06-29 17:41