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Binance Reveals Major Update On ME, CAKE, & These 5 Crypto, What’s Next?
Binance announced a significant update to leverage and margin tiers for key cryptocurrencies, including Magic Eden (ME), PancakeSwap (CAKE), and five other crypto. Notably, the other cryptocurrencies are Mines of Dalarnia (DAR), IOTA (IOTA), Livepeer (LPT), Harmony (ONE), and Horizen (ZEN). Notably, these updates from the leading crypto exchange has caught investors’ attention, as such updates usually impact the market sentiment.
Binance Updates Leverage Tiers for Key Perpetual Contracts
Binance Futures has unveiled new leverage and margin tiers for select USDT perpetual contracts, aligning its offerings with market dynamics. The update introduces adjusted tiers for DARUSDT, MEUSDT, CAKEUSDT, IOTAUSDT, LPTUSDT, ONEUSDT, and ZENUSDT.
The revised leverage structure affects several notable pairs. For DARUSDT, the maximum leverage was reduced from 75x to 50x for positions below $10,000. Similarly, MEUSDT retains its 75x leverage for positions under $10,000 but adjusts tiers for larger positions, increasing the margin requirement for trades exceeding $3 million. CAKEUSDT, a widely traded pair, also sees adjustments, maintaining 75x leverage for small positions while recalibrating margin rates for trades exceeding $5 million.
For IOTAUSDT and LPTUSDT, smaller position tiers experience leverage increases, ensuring competitive conditions for traders managing smaller portfolios. On the other hand, larger trades, such as those exceeding $2 million for ZENUSDT or ONEUSDT, now require higher maintenance margins, reflecting Binance’s focus on mitigating risks in volatile markets.
These updates underscore the top crypto exchange’s commitment to maintaining a secure and efficient trading environment. The adjustments apply to new positions opened after December 19, 08:15 (UTC). Existing positions remain unaffected, offering seamless continuity for traders. This strategic move highlights Binance’s adaptability and dedication to optimizing trading conditions.
Price Impact: DAR, ME, CAKE, and Others Experience Volatility
The Binance Futures leverage update has led to varying price movements across multiple tokens. However, the tokens’ declines could also be due to the gloomy sentiment noted in the broader crypto market. Mines of Dalarnia (DAR) trades at $0.162, marking a 4% drop in the last 24 hours. It has a market cap of $100 million and a 24-hour trading volume of $33 million.
Magic Eden (ME) price declined 10% in the last 24 hours and exchanged hands at $2.80. The token has a market cap of $372 million, with a 24-hour trading volume of $317 million. ME token previously surged to $25 before crashing by 80% after its Binance listing.
PancakeSwap (CAKE) price was trading at $2.763, down by 8% in the last 24 hours. Its market cap stands at $797 million, with a 24-hour trading volume of $187 million. The 24-hour price range was $2.75 to $3.07.
IOTA (IOTA) price traded at $0.32, showing an 8% drop in the last 24 hours. With a market cap of $1.17 billion and a trading volume of $115 million, its 24-hour low and high were $0.30 and $0.36, respectively.
Livepeer (LPT) traded at $13.45, marking a 10% drop in the last 24 hours. Harmony (ONE) price was down 12% in the 24-hour time frame and exchanged hands at $0.0275. It has a market cap of $393 million and a 24-hour trading volume of $41 million.
Horizen (ZEN) traded at $15.35, reflecting a 6% increase in the last 24 hours. The token has a market cap of $241 million, with a trading volume of $79 million. Its 24-hour price range was between $13.90 and $15.77.
Binance plays a crucial role in the price movement of many cryptocurrencies, with its announcements having a significant impact. Recently, Binance delisted the SUI and HMSTR trading pairs, leading to noticeable price drops for these coins. This highlights how the exchange actions can directly influence market dynamics and investor sentiment.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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