The past few days have been tough for the cryptocurrency sector with substantial losses across the board. Key players like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other major cryptocurrencies were on the decline over the week, with meme-based tokens facing a similar fate. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and Floki Inu (FLOKI) saw values drop in the last 24 hours. However, there are a handful of exceptions that are bucking the downward trend with notable price increases.
A standout performer is the Solana-derived BOOK OF MEME (BOME), which experienced a sharp 10% upturn. This price boost coincided with Coinbase’s announcement to introduce BOME perpetual contracts, a service set to go live on June 20.
BOOK OF MEME grabbed attention soon after its mid-March release, quickly surpassing a $1 billion market capitalization. The crypto’s success can be partly credited to Binance, which bolstered it by creating multiple trading pairs including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY. Presently, BOME’s market capitalization is over $700 million, ranking as the 117th-largest cryptocurrency in circulation.
Another crypto, Notcoin (NOT), is set to have perpetual contracts on Coinbase starting June 20 as well. Nevertheless, unlike BOME, NOT’s price did not experience a similar uptick, remaining submerged in negative territory.
Coinbase’s Foray into Meme Coin Futures
In earlier months, the exchange extended its support to other meme tokens such as Shiba Inu (SHIB), Floki Inu (FLOKI), and Bonk Inu (BONK) by introducing perpetual futures contracts named 1000SHIB-PERP, 1000FLOKI-PERP, and 1000BONK-PERP.
These financial instruments allow investors to bet on the future valuations of these digital currencies without actually possessing them. Such contracts do not have a maturity date, enable substantial leverage, and require maintaining a designated margin to keep positions open.
Other viral meme tokens, including dogwifhat (WIF) and Pepe (PEPE), have also secured a place on Coinbase. PEPE futures were launched on Coinbase International Exchange and Coinbase Advanced towards April’s end. Prior to the launch, WIF enjoyed an impressive 15% daily jump following the introduction of WIF perpetual contracts on the platform.
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