Gemini Foundation, a subsidiary of the renowned crypto exchange Gemini, has announced the launch of a Shiba Inu (SHIB) perpetual contract. This development allows users in select jurisdictions to trade SHIB derivatives with up to 100x leverage.

What is a Perpetual Contract?

A perpetual contract is a type of futures contract with no expiration date. This means traders can maintain long or short positions on an asset for an indefinite period. By offering a perpetual contract for SHIB, Gemini Foundation provides traders with a flexible way to speculate on the cryptocurrency’s price movement.

Supported Regions and How to Get Started

While Gemini Foundation’s services are not available in the United States, the United Kingdom, and the European Union, it is accessible in 32 other jurisdictions. To start trading SHIB perpetual contracts, users must create an account on the Gemini Foundation platform, activate derivatives trading, and deposit GUSD or BTC into their derivative account.

Shiba Inu’s Growing Popularity on Exchanges

Gemini Foundation’s move to offer SHIB perpetual contracts is part of a broader trend of exchanges expanding their support for the popular meme coin. Other platforms, such as Coinbase and Kraken, have also introduced advanced trading options for SHIB, including index funds and margin trading.

Despite the Latest Announcement, SHIB Struggles

Despite the positive developments, SHIB has experienced a recent decline in price. As of [current date], SHIB is trading at $0.00002696, down 10.75% in the past 24 hours.

Also Read: Shiba Inu (SHIB) Coin Ignites: 1000% Burn Rate Surge Signals Potential Price Doubling Amid Bull Market Frenzy

Gemini Foundation’s launch of a SHIB perpetual contract offers traders a new way to engage with the cryptocurrency. However, it remains to be seen whether this development will be enough to reverse SHIB’s recent downward trend. As the crypto market continues to evolve, it’s crucial to stay informed about the latest trends and developments.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

Kamcheche

A lifelong learner with a thirst for knowledge, I am constantly seeking to understand the intricacies of the crypto world. Through my writing, I aim to share my insights and perspectives on the latest developments in the industry. I believe that crypto has the potential to create a more inclusive and equitable financial system, and I am committed to using my writing to promote its positive impact on the world.