Coinbase International added perpetual futures trading for Turbo, a popular AI meme coin. These contracts initially launched in halt mode, but full functionality swiftly followed.
Next week, the exchange will introduce similar contracts for ApeCoin, a utility and governance token within the APE ecosystem.
Coinbase’s Perpetual Future Offerings
Coinbase International added perpetual futures trading on AI meme coin Turbo on October 24. The exchange has been launching several perpetual futures contracts this year, including some for other meme coins. This announcement came at 9:30 AM UTC, and included the caveat that full functionality would not be immediate.
“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,” Coinbase stated.
Read more: What are Perpetual Futures Contracts in Cryptocurrency?
However, this period of halt mode did not last long, and Coinbase declared full trading only five minutes later. In fact, the exchange seems to be adding perpetual futures trading options swiftly. Its previous offering took place one month prior, but Coinbase declared another coin perpetual futures contract, ApeCoin, by the end of the day.
Turbo is currently gaining attention in the meme coin space. Its valuation surged by 116% in October, with Turbo and GOAT accounting for 60% of all AI meme coin trading volume.
Despite this rise, Turbo’s price has dropped since reaching a peak in mid-October. Although its value spiked after Coinbase’s announcement, the recent week’s decline has overshadowed those earlier gains.
Perpetual futures contracts don’t contain expiration dates, allowing traders to speculate on asset prices indefinitely. However, they also come with enhanced risk.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
The meme coin industry is especially prone to volatility; for example, GOAT’s value dropped by a staggering 50% in one day recently, highlighting potential dangers. Still, this type of risk has an appeal of its own, potentially offering substantial gains.
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Source: https://beincrypto.com/coinbase-perpetual-futures-turbo-launch/