Coinbase Announces Support for This Trending Coin Meme, Price Explodes

TL;DR

The cryptocurrency market has seen significant volatility, with major assets experiencing price drops, but a meme coin based on Solana rose 10% daily. Its rise is likely linked to Coinbase’s decision to allow certain trading services with it. Flashing green in the middle of general correction

The cryptocurrency market has experienced a sharp decline in recent days. Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and many other leading digital assets are in the red on a weekly basis, 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 fallen in the last 24 hours, but there are few exceptions that have witnessed price increases.

One example is Solana-based BOOK OF MEME (BOME), which rose 10%. Its resurgence comes shortly after crypto exchange Coinbase announced it will launch BOME perpetual contracts. The offer is scheduled to take effect on June 20.

BOME Price, Source: CoinGecko

BOME saw the light of day in mid-March this year, catching the attention of industry participants a few days later after its market capitalization crossed 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. The token’s market capitalization currently exceeds $700 million, making it the 117th largest cryptocurrency.

It is worth mentioning that Notcoin (NOT) perpetual contracts will also be available to Coinbase users on June 20. However, the asset did not witness an increase in price, 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 perpetual futures contracts 1000SHIB-PERP, 1000FLOKI-PERP and 1000BONK-PERP.

These products allow traders to speculate on the future price movements of particular cryptocurrencies without owning them. They have no expiration date, offer high leverage and require users to maintain a certain level of margin to keep their positions open.

Other popular meme coins such as dogwifhat (WIF) and Pepe (PEPE) also got approval from the company. PEPE perpetual futures were launched on Coinbase International Exchange and Coinbase Advanced in late April of this year. Prior to this, the price of WIF rose by more than 15% daily after the company introduced perpetual WIF contracts.

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