Coinbase Announces Support for This Trending Meme Coin, Price Explodes

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TL;DR

  • The cryptocurrency market has seen significant volatility, with major assets experiencing price drops, but one Solana-based meme coin surged by 10% daily.
  • Its rally is likely linked to Coinbase’s decision to allow certain trading services with it.

Flashing Green Amid the Overall Correction

The cryptocurrency market experienced a severe decline in the past few days. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many other leading digital assets are deep in the red on a weekly scale, while the condition of the meme coin sector is no better. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and Floki Inu (FLOKI) have dipped in the past 24 hours, but there are few exceptions that witnessed price rallies.

One example is the Solana-based BOOK OF MEME (BOME), which spiked by 10%. Its resurgence happened shortly after crypto exchange Coinbase announced it will launch BOME perpetual contracts. The offering is scheduled to come into effect on June 20. 

BOME PriceBOME Price, Source: CoinGecko

BOME saw the light of day in mid-March this year, catching the eye of industry participants a few days later after its market capitalization surpassed the $1 billion mark. The rally was likely fueled by Binance, which listed the following trading pairs on its platform: BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY. Currently, the token’s market cap stands at over $700 million, making it the 117th biggest cryptocurrency.

It is worth mentioning that Notcoin (NOT) perpetual contracts will also become available to Coinbase users on June 20. However, the asset did not witness a price increase, remaining in red territory.

Coinbase and Meme Coins

Earlier this year, the company added similar support to Shiba Inu (SHIB), Floki Inu (FLOKI), and Bonk Inu (BONK) by introducing 1000SHIB-PERP, 1000FLOKI-PERP, and 1000BONK-PERP perpetual futures contracts. 

Those products enable traders to speculate on the future price movements of particular cryptocurrencies without owning them. They do not have an expiration date, offer high leverage, and require users to maintain a certain margin level to keep their positions open.

Other popular meme coins, including dogwifhat (WIF) and Pepe (PEPE) also gained the company’s approval. PEPE perpetual futures were launched on Coinbase International Exchange and Coinbase Advanced at the end of April this year. Prior to that, WIF’s price surged by over 15% daily after the firm introduced WIF perpetual contracts. 

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