Coinbase, the largest exchange in America, announces the introduction of perpetual futures for three prominent cryptocurrencies: Bonk (BONK), Floki Inu (FLOKI), and Shiba Inu (SHIB), aimed at enhancing trading strategies and flexibility for investors.
Set to commence on May 30, 2024, at 9:30 AM UTC, the launch includes markets 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP, offering traders the opportunity to speculate on cryptocurrency prices without owning the assets. The products will debut on Coinbase International and Coinbase Advanced exchanges, catering respectively to institutional clients outside the United States and professional traders, showcasing Coinbase’s commitment to diverse clientele.
SHIB Volume Surge
In response to the announcement, SHIB experienced a significant uptick of 51.95% in trading volume over the last 24 hours, totaling $955,251,666. This surge underscores a burgeoning demand for SHIB trading options, aligning with the impending launch of 1000SHIB-PERP.
Related article: Shiba Inu Transaction Surge: A Deep Dive into Investor Activity
Recently, SHIB broke through an 11-week resistance, hinting at a potential 210% increase, with projections nearing its all-time high. Analysts suggest this breakout could propel SHIB’s value to $0.000081, close to its ATH of $0.00008845.
Related article: Shiba Inu Expands Reach: Backpack Exchange Adds SHIB Trading
Previous analysis highlighted ten key factors, including burn mechanisms, crucial for driving SHIB’s value up by 285% to reach $0.0001. Notably, significant burns of SHIB tokens could reduce supply, amplifying the value of circulating tokens.
Technical Analysis
Technical indicators affirm SHIB’s bullish trajectory, with the MACD indicator positioned above the zero line, indicating optimism in the market. Additionally, widening histogram bars in the green zone reinforce positive sentiment. The Keltner Channel indicator suggests a period of price stability for SHIB, as bands narrow, indicating reduced volatility before potential significant movements.
Coinbase’s SHIB futures launch marks a cryptocurrency trading milestone, expanding investor options and shaping digital asset markets. Furthermore, with SHIB’s volume surge and positive technical indicators, anticipation grows for its impact on crypto markets.
