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Cryptocurrency News Articles
Coinbase International Adds Perpetual Futures Trading for AI Meme Coin Turbo, ApeCoin Contracts to Follow
Oct 25, 2024 at 01:59 am
Coinbase International added perpetual futures trading on AI meme coin Turbo on October 24. The exchange has been launching several perpetual futures
Coinbase International began offering perpetual futures trading for the popular AI meme coin Turbo on Monday, and now the exchange is preparing to add similar contracts for ApeCoin.
The world’s largest cryptocurrency exchange quietly announced the addition of TURBO-PERP perpetual futures contracts on October 24. This follows the exchange’s introduction of perpetual futures contracts for other meme coins throughout the year.
Coinbase began offering perpetual futures contracts for AI meme coins.
The announcement, which was made at 09:30 AM UTC, also stated that the full functionality of the contracts will not be available immediately.
“Our TURBO-PERP market will now enter halt mode on Coinbase International Exchange and Coinbase Advanced. Users can post and cancel limit orders, but there will be no matches. The market will remain in halt mode for a minimum of 1 minute,” the exchange explained.
However, the halt mode period lasted only five minutes before Coinbase announced the commencement of full trading.
“Full trading now available on Coinbase International Exchange and Coinbase Advanced for TURBO-PERP,” the exchange stated at 09:35 AM UTC.
Coinbase is rapidly adding perpetual futures trading options. The last offering was announced a month ago, but by the end of the day, Coinbase had announced another coin perpetual futures contract, ApeCoin.
“Coinbase to List Apecoin (APE) Perpetual Futures Contract,” Bitcoin.com News reported on October 24.
Coinbase Adds ApeCoin Perpetual Futures Contracts to Platform
Turbo has been garnering attention in the AI meme coin domain. Its valuation surged by 116% during October, and Turbo and GOAT together accounted for 60% of the total AI meme coin trading volume.
Despite this rally, Turbo’s price has been declining since reaching a peak in the middle of October. The recent week’s decline overshadowed the gains that followed Coinbase’s announcement.
Perpetual futures contracts do not have expiration dates, allowing traders to speculate on asset prices indefinitely. However, they also involve increased risk.
The meme coin sector is particularly susceptible to volatility, with one example being GOAT losing 50% of its value in a single day recently, highlighting the potential hazards involved.
Nevertheless, this type of risk also carries an appeal, as it can potentially lead to substantial gains.
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