Dogecoin, Cardano, and Shiba Inu have received a major boost with Coinbase’s announcement of its plans to launch perpetual-style futures for these altcoins. This could provide greater adoption for these coins as the crypto exchange opens the futures product to both institutional and retail investors.
Dogecoin, Cardano, and Shiba Inu To Get Perpetual-Style Futures
In an X post, the crypto exchange announced that it is launching new U.S. perpetual-style futures for these altcoins on December 12. It will also launch futures contracts for AVAX, BCH, LINK, HBAR, LTC, DOT, SUI, and XLM.
Coinbase also announced that 24/7 trading for Dogecoin, Cardano, and Shiba Inu monthly futures from its derivatives platform will launch on December 5. Notably, the futures contracts for these altcoins will be available to both retail and institutional traders.
This development comes months after Coinbase launched U.S. perpetual-style futures for Bitcoin and Ethereum. These futures products align with CFTC regulations, while the exchange has designed them to mirror the global perpetual futures market.
This marks a positive for Dogecoin and the other altcoins as it could boost their adoption, especially among institutional investors. This could also provide some bullish momentum as the crypto market looks to recover from its current downtrend.
Moreover, an earlier CoinGape market analysis noted that Dogecoin, Cardano, and Shiba Inu were showing strong bullish recovery momentum. From a technical analysis perspective, the analysis revealed that DOGE had formed a cup and handle pattern, which could spark a breakout.
Institutional Interest In These Altcoins
Coinbase’s upcoming launch of U.S. perpetual-style futures for Dogecoin, Cardano, and Shiba Inu comes amid increased institutional interest in these altcoins. As CoinGape reported, the NYSE Arca has certified Grayscale’s listing of its DOGE ETF, which is set to take place on November 24.
The launch of a Cardano ETF is also on the horizon, with Grayscale’s application pending SEC approval. There is also the possibility that Grayscale could file an updated S-1 to remove the delay amendment and proceed with the launch of the fund, as the U.S. government shutdown had delayed the potential approval of this fund.
Meanwhile, asset manager T. Rowe Price has filed for a crypto-index ETF that will hold Shiba Inu. It is worth noting that SHIB is one of the altcoins that could receive faster crypto ETF approval under the SEC’s generic listing standards, as it has a regulated futures market on Coinbase.
Source: https://coingape.com/dogecoin-cardano-shiba-inu-eye-wider-adoption-on-coinbase-announcement/
