Coinbase finally provides support for Solana (SOL) and Avalanche (AVAX) perpetual futures contracts to non-US customers. 
The impact on the price of these assets could not be far from that of VeChain and VeThor. 

Coinbase Global Inc. has announced that it would add support for Solana and Avalanche perpetual futures contracts on its International Exchange and Advanced platform. The listing is expected to take place on November 14 on the condition that there is sufficient liquidity for the trading pairs. For now, the plan market is said to include SOL-PERP and AVAX-PERP.

Coinbase International Exchange will add support for Solana and Avalanche perpetual futures contracts on Coinbase International Exchange & Coinbase Advanced. The opening of our SOL-PERP and AVAX-PERP markets will begin on or around 4 pm UTC on 14 November 2023, if liquidity conditions are met.

The initiative comes at a point both Solana and AVAX make an incredible surge in the market with the former surging by 33 percent in just seven days and 151 percent in 30 days to trade at $55.13. AVAX is also trading at $17.19 after surging by 32 percent in the last seven days and 87 percent in the last 30 days. According to experts, a listing by a major crypto exchange is a strong sign of ecosystem growth. In the long run, the asset is positioned for more crypto traders to gain direct exposure. With both assets already on upward trajectories, the official launch could be another trigger for a higher surge as the attracted traders could drive their volumes to a different height. 

Solana and AVAX Could Be Impacted as VET and VTHO After Coinbase Listing 

This is not its first listing this year. On the main exchange, Coinbase recently announced support for VeChain (VET) and VeThor.

Coinbase will add support for VeChain (VET) and VeThor (VTHO) on the VeChain network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

The expectation of the impact on the prices was exceeded as VET saw its price jump by 12 percent after the confirmation. VTHO, on the other hand, surged by 70 percent. On top of that, there was a tremendous increase in social signals for both assets. VeChain, for instance, recorded a 58.65 percent increase in social mentions and an 81 percent increase in engagement. VTHO also had its social mentions increase by 597 percent and engagement surged by 2,002 percent. 

Based on the impacts of Coinbase’s listing on VeChain and VTHO, Solana and AVAX could follow a similar trail. Analysts, however, expect a slight reversal as AVAX shows signs of facing serious opposition. AVAX is down by 5 percent in the last 24 hours while Solana is also down by 4.9 percent over the same period. 

Coinbase started providing perpetual futures trading on International and Advanced platforms last month. So far, only Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC) are featured. The addition of Solana and AVAX positions them on the same level as the “elite assets”, and also indicates complete faith in them. Currently, the international exchange has more than $100 million in derivatives over the past day. 

 

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Filed under: Bitcoin - @ November 14, 2023 10:23 am