Coinbase International Exchange recently announced the full-trading mode launch for Shiba Inu, FLOKI, and BONK on its platform. This news has sparked optimism among investors, coming right after the exchange introduced these meme coins in post-only mode.

Meanwhile, the announcement also comes amid a gloomy trading scenario in the broader crypto market, let alone the meme coin sector. However, it is anticipated that this development will likely raise hopes for a potential price recovery.

Coinbase Launches SHIB, FLOKI, BONK In Full Trading Mode

Coinbase’s move to enable full trading for Shiba Inu, FLOKI, and BONK marks a significant step. Previously available in post-only mode, these meme coins can now be traded with limit, market, stop, and stop-limit orders. Notably, this transition indicates a growing demand for these digital assets on Coinbase International Exchange and Coinbase Advanced.

Source: Coinbase International Exchange, X

Meanwhile, the anticipation had already been building after Coinbase revealed plans to roll out perpetual futures contracts for these meme coins. On May 23, the crypto exchange announced that Bonk, FLOKI, and Shiba Inu perpetual futures would be listed on its platform. Notably, this support for additional meme coins signifies the increasing popularity and trading volume of these assets on Coinbase.

On the other hand, the broader crypto market, along with the meme coin sector, has experienced sluggish trading recently. However, positive announcements from major exchanges like Coinbase often lead to price surges. The listing on Coinbase platforms is expected to be a significant catalyst for an uptrend in Bonk, FLOKI, and Shiba Inu prices.

Also Read: Dogecoin (DOGE) Price Drops 4% Amid Meme Coin Slump, What’s Behind The Underperformance?

Prices & Performance

The market reaction to Coinbase’s announcement was not immediate, but the potential for a rally remains high. Notably, historical trends show that such listings can lead to substantial price increases. Considering that, the investors are now hoping for a similar momentum shift for Shiba Inu, FLOKI, and BONK.

In other words, the introduction of Shiba Inu, FLOKI, and BONK in full-trading mode is expected to attract a significant number of traders and investors, possibly driving up their prices. However, despite the announcement, the prices traded in the red today.

As of writing, Shiba Inu price traded at $0.00002612, down 4.15% from yesterday, with its trading volume dropping 39% to $1.46 billion. Simultaneously, BONK price plunged more than 16% to $0.00003308, reflecting the gloomy sentiment hovering over the market.

FLOKI price also witnessed a similar scenario, losing nearly 12% in the last 24 hours to $0.0002449 during writing.

Also Read: Vanguard Receives Backlash Over Ethereum ETF Ban But There’s A Catch

The post Coinbase Adds Shiba Inu, FLOKI, BONK In Full-Trading Mode, Prices To Recover? appeared first on CoinGape.

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Filed under: News - @ May 30, 2024 12:16 pm