Gemini Foundation, a subsidiary of the Gemini cryptocurrency exchange, has announced the launch of Shiba Inu (SHIB) perpetual contracts. These contracts aim to give users in select jurisdictions more trading options for the popular canine-themed cryptocurrency.
Details of SHIB Perpetual Contracts
Traders can now access SHIB perpetual contracts denominated in Gemini Dollars (GUSD). This feature allows trading SHIB against GUSD with leverage of up to 100x, enabling significant market opportunities with smaller investments.
The addition of Shiba Inu contracts follows the earlier launch of perpetual contracts for Bitcoin Cash (BCH) and Uniswap (UNI). Gemini Foundation already supports Bitcoin (BTC), Dogewifhat (WIF), and XRP (XRP) in its derivatives portfolio, broadening its asset offerings.
Supported Regions for SHIB Derivatives
Gemini Foundation operates in jurisdictions that permit derivatives trading. However, the platform excludes major regions like the United States, the United Kingdom, and the European Union.
The service covers 32 regions, including Argentina, Singapore, Brazil, Turkey, and the Bahamas. Traders in these locations can speculate on SHIB prices without directly holding the token. This approach appeals to those seeking exposure to SHIB’s price movements while managing risk.
How to Start Trading SHIB Perpetual Contracts
Trading SHIB perpetual contracts on Gemini Foundation is simple. Users must first create an account. After logging in, they can activate derivatives trading by selecting “Activate Now” near the Derivatives Account option.
Once the terms are accepted, traders can deposit GUSD or BTC into their derivatives account and begin trading. This straightforward onboarding enhances accessibility for users.
Expanding SHIB Trading Options Across Platforms
Major exchanges have recently introduced innovative features for Shiba Inu, enhancing its trading ecosystem. Last month, Coinbase included SHIB in its Coinbase 50 Index Fund. This fund tracks the top 50 cryptocurrencies by market cap, excluding stablecoins, giving investors broader exposure to SHIB.
Related Article: SHIB Analysts Predict a Massive Surge: Is Shiba Inu Set for New Highs?
Similarly, Kraken expanded its SHIB offerings by introducing the token as collateral for futures trading and adding a margin trading pair. These initiatives underscore a growing interest in SHIB among crypto enthusiasts.
SHIB Price Trends Despite New Developments
While these advancements offer more utility for SHIB, its price continues to face market challenges. Over the past 24 hours, SHIB’s value dropped by 10.75%, reaching $0.00002696.
This decline highlights the influence of broader market conditions despite increased trading opportunities. As more platforms introduce innovative features, SHIB could see renewed momentum.
By introducing SHIB perpetual contracts, Gemini Foundation adds depth to the token’s trading capabilities. This move demonstrates the evolving demand for advanced crypto trading options and positions SHIB as a significant derivative market player.
