- Gemini Foundation’s Shiba Inu’s perpetual contracts are available in 32 jurisdictions but excluded from the U.S., U.K., and EU.
- The contracts, denominated in GUSD, offer up to 100x leverage, enabling speculative trading without holding SHIB.
- Amid new trading products, SHIB’s price has fallen 10.75% in the past 24 hours to $0.00002696.
The Gemini Foundation, a subsidiary of the Gemini cryptocurrency exchange, has launched a perpetual contract for Shiba Inu (SHIB). This move reflects a growing trend among crypto platforms to offer advanced trading instruments for the popular meme token.
In a blog post, Gemini announced that users in select jurisdictions could now trade SHIB perpetual contracts, denominated in Gemini Dollars (GUSD). This allows users to speculate on SHIB’s price movements without holding the token directly. With leverage up to 100x, traders can amplify market exposure with minimal capital.
This launch also includes perpetual contracts for Bitcoin Cash (BCH) and Uniswap (UNI), adding to Gemini Foundation’s growing catalog of supported assets like Bitcoin (BTC), Dogwifhat (WIF), and XRP (XRP).
Shiba Inu’s Help in Expanding Access Across the Globe
Gemini Foundation’s offerings are restricted to 32 jurisdictions, such as Argentina, Brazil, Singapore, and Turkey. However, they are unavailable in major markets like the U.S., U.K., and the EU due to regulatory constraints.
The onboarding process is straightforward. Users can activate derivatives trading by creating an account, accepting terms, and depositing GUSD or BTC into their derivatives account.
This effort aligns with a broader industry trend. San Francisco-based Coinbase recently included SHIB in its Coinbase 50 Index Fund, providing diversified exposure to top cryptocurrencies. Similarly, Kraken introduced SHIB as a collateral asset for futures trading.
Despite these developments, SHIB’s market performance remains under pressure. The token has dropped 10.75% in the last 24 hours, currently trading at $0.00002696.
