Coinbase International has launched perpetual futures trading for Turbo, a well-known AI meme coin. Initially, these contracts debuted in a halt mode, but full functionality was quickly implemented.
In the upcoming week, the exchange plans to roll out similar contracts for ApeCoin, a token used for utility and governance within the APE ecosystem.
Coinbase’s Perpetual Future Offerings
On October 24, Coinbase International introduced perpetual futures trading for the AI meme coin Turbo. The exchange has been rolling out various perpetual futures contracts throughout the year, including some for different meme coins. This announcement was made at 9:30 AM UTC, indicating that full functionality would not be available immediately.
“Our TURBO-PERP market will now enter halt mode on Coinbase International Exchange and Coinbase Advanced. Users will be able to post and cancel limit orders, though there will be no matches. The market will remain in halt mode for a minimum of 1 minute,” stated Coinbase.
Learn more: What are Perpetual Futures Contracts in Cryptocurrency?
Nevertheless, the halt mode did not persist for long, as Coinbase announced full trading just five minutes later. The exchange appears to be rapidly expanding its perpetual futures trading options. Its last offering was made just a month earlier, and by the end of the day, Coinbase announced another perpetual futures contract for ApeCoin.
Turbo has been trending in the meme coin arena, with its value rising by 116% in October. Currently, Turbo and GOAT represent 60% of all trading volume for AI meme coins.
Despite this increase, Turbo’s price has fallen since its peak in mid-October. While its value surged following Coinbase’s announcement, recent declines have overshadowed those earlier gains.
Perpetual futures contracts have no expiration dates, allowing traders to speculate on asset prices indefinitely; however, they also carry increased risk.
Explore more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
The meme coin sector is particularly susceptible to volatility; for instance, GOAT experienced a dramatic 50% drop in value within just one day, illustrating potential hazards. Nonetheless, this type of risk can be enticing, as it may offer significant profits.
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