America’s largest crypto exchange, Coinbase has revealed plans to list popular doggy-themed cryptocurrency, Shiba Inu (SHIB) for its futures contracts. The exchange has submitted an official filing to the Commodity Trading Futures Commission (CFTC) to begin trading as soon as possible.
Coinbase To Add Shiba Inu To Futures Derivatives Contracts
Shiba Inu has gotten a major boost from Coinbase’s new futures contracts filing, underscoring the meme coins growing influence in the crypto market despite present market volatility. Coinbase announced in its official blog post on June 28, a new list of futures products for its crypto derivatives products, featuring the second-largest meme coin, Shiba Inu and other popular cryptocurrencies.
According to the blog, Coinbase is set to be the first-ever United States (US) exchange to offer margined future contracts for Shiba Inu and other cryptocurrencies. The crypto exchange also submitted its futures derivatives contracts filing to the CFTC, on June 28, providing details on the terms of the futures contracts, Shiba Inu’s market volatility, compliance with several regulatory conditions and other information related to its self-certification process.
Coinbase has disclosed that the addition of Shiba Inu into its new crypto derivatives contracts will allow its participants and clients to better manage risks, speculate on price movements and effectively engage with the crypto economy with an initial lower capital requirement. The crypto exchange revealed that its decision to offer margined futures contracts for Shiba Inu highlighted their commitment to catering to the needs of its extensive user base.
Additionally, it also illuminates the exchange’s dedication to continually providing diverse and accessible trading options which distinguishes it from other exchanges in the US regulated futures market. Moreover, this new filing is set to significantly expand its digital product offerings, potentially enhancing its user’s overall trading experience while maintaining a safe and reliable trading environment.
Excluding Shiba Inu, other cryptocurrencies Coinbase will add to its crypto derivatives futures contracts include Avalanche (AVA), Chainlink (LNK), Polkadot (DOT), and Stellar (XLM). Coinbase has revealed in its blog post that these futures products will officially launch and begin trading on Monday, July 15.
Shiba Inu Price Fails To React To Coinbase New Filing
Despite Coinbase’s recent announcement of a Shiba Inu futures contract, the price of the cryptocurrency has failed to witness any significant upward movement. The news which could have triggered a slight bullish trend for the popular meme coin seems to have had a minor impact on the Shiba Inu’s market sentiment.
As of writing, the price of Shiba Inu continues to trade below the $0.00002 threshold, reflecting a 1.8% decline in the last 24 hours after crashing by a substantial 38.91% over the past month. Since the start of June Shiba Inu has been underperforming significantly, recording consistent declines which has pushed its price down to $0.000017.
Featured image from Reddit, chart from TradingView