Coinbase, the largest crypto exchange in the U.S., has unveiled its intention to include Shiba Inu (SHIB) in its futures contracts. The exchange has made an official filing to the Commodity Trading Futures Commission (CFTC) to kickstart trading activities promptly.
Shiba Inu in Coinbase’s Futures Derivatives Contracts
The integration of Shiba Inu into Coinbase’s futures contracts demonstrates the increasing impact of meme coins like Shiba Inu in the crypto market, even amidst market uncertainties. Coinbase, in an announcement on June 28, detailed its plans to launch a new set of futures products for its crypto derivatives offerings, featuring Shiba Inu and other prominent cryptocurrencies.
Coinbase aims to become the first U.S. exchange to provide margined futures contracts for Shiba Inu and other digital assets. By submitting the futures derivatives contracts filing to the CFTC, the exchange outlined the terms of the contracts, market volatility of Shiba Inu, adherence to regulatory requirements, and other relevant details during the self-certification process.
The addition of Shiba Inu to Coinbase’s new crypto derivatives contracts will enhance risk management, price speculation, and active participation in the crypto market with a lower initial capital outlay. This initiative underscores Coinbase’s focus on meeting the diverse needs of its broad user base.
The move also underscores Coinbase’s commitment to offering a variety of trading options in the regulated U.S. futures market, distinguishing it from other exchanges. This development is poised to expand its digital product offerings significantly, possibly improving users’ overall trading experience in a secure and reliable trading environment.
In addition to Shiba Inu, other cryptocurrencies added by Coinbase to its crypto derivatives futures contracts include Avalanche (AVA), Chainlink (LNK), Polkadot (DOT), and Stellar (XLM). The official launch and commencement of trading for these futures products are scheduled for Monday, July 15.
Shiba Inu Price Reaction to Coinbase’s New Filing
Despite Coinbase’s revelation about Shiba Inu futures contracts, the cryptocurrency’s price has not experienced a significant upsurge. The news, which could have sparked a modest bullish trend for the popular meme coin, seems to have had a minor influence on the market sentiment surrounding Shiba Inu.
At present, the price of Shiba Inu remains below the $0.00002 mark, indicating a 1.8% decrease in the last 24 hours following a substantial 38.91% drop over the past month. Since the beginning of June, Shiba Inu has been enduring notable declines, leading to a price slump to $0.000017.
Featured image from Reddit, chart from TradingView
