Gemini Foundation, a derivative trading platform operated by the Gemini cryptocurrency exchange has introduced a new perpetual contract for Shiba Inu (SHIB).
This broadens the trading options available to users in specific jurisdictions. This move is part of Gemini Foundation’s ongoing efforts to offer advanced trading opportunities for digital assets.
The newly launched perpetual contract is priced in Gemini Dollars (GUSD), allowing users to trade SHIB against the stablecoin. The platform provides users with the potential for up to 100x leverage, which enables traders to maximize their positions with relatively small initial investments.
This feature is particularly beneficial for those looking to capitalize on market movements without committing large amounts of capital upfront.
This new product is part of Gemini Foundation’s broader push to expand its offering of perpetual contracts. Previously, the platform added contracts for assets like Bitcoin (BTC), XRP, Bitcoin Cash (BCH), and Dogecoin (WIF).
The introduction of Shiba Inu alongside Bitcoin Cash and Uniswap (UNI) demonstrates Gemini Foundation’s commitment to diversifying its portfolio of derivatives.
Gemini Foundation’s derivatives offerings, including the Shiba Inu perpetual contract, are available only in regions where derivative trading is not restricted. Unlike the main Gemini platform, which operates in the United States, United Kingdom, and European Union, the Gemini Foundation is excluded from these regions.
Currently, the platform supports 32 jurisdictions, including Argentina, Bahamas, Brazil, Chile, Singapore, and Turkey, among others. Users in these regions can trade the Shiba Inu perpetual contract and speculate on the asset’s price without actually owning the underlying SHIB token.
To begin trading, new users need to register for an account on Gemini Foundation. After creating an account, users must activate derivatives trading by selecting the ‘Activate Now’ option near the Derivatives Account section. Once activated, users can transfer GUSD or BTC into their derivatives account to start trading.
Users should also review and accept the terms of service before proceeding with any transactions. This process ensures traders understand the risks and rules associated with derivatives trading.
Gemini Foundation is not the only crypto exchange to introduce advanced trading products for Shiba Inu. Recently, Coinbase added the token to its Coinbase 50 Index Fund, an investment product that gives users exposure to 50 of the largest cryptocurrencies by market capitalization, excluding stablecoins like Tether (USDT).
Similarly, Kraken has integrated Shiba Inu as a collateral asset for futures trading on its platform. The move followed Kraken’s earlier introduction of a margin trading pair for SHIB, reflecting the growing demand for more sophisticated ways to engage with the token.
Despite the influx of advanced trading options, the asset’s price has faced a downturn. As of the latest market update, the asset has dropped by 16.50% in the past 24 hours, bringing its value to $0.00002501. This decline highlights the volatility in the cryptocurrency market, even amid increasing trading options and exposure for the token.
The launch of the perpetual contract on Gemini Foundation marks a significant development in the expanding world of derivatives trading for cryptocurrencies. Traders now have access to a new method for speculating the popular token.
However, despite the introduction of such trading innovations, the volatile nature of cryptocurrencies remains evident, as reflected in the token’s recent market performance.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
Since its launch, WallitIQ’s (WLTQ) AI token presale has shattered records with whispers of a…
What if you could uncover the next big cryptos poised to bring short-term gains while…
Crypto trader Arthur recently provided a detailed analysis of XRP’s price action, following a bullish…
XRP has captured significant attention following a highly anticipated breakout from a descending triangle chart…
The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) appears…
Shiba Inu (SHIB), a prominent meme coin, continues to capture investor interest with its growth…