Altcoin
MOODENG Price Blows Up 90% As Binance Launches Perpetual Contract
The Solana meme coin Moo Deng (MOODENG), inspired by the viral baby hippo from Thailand, has garnered notable attention among traders and investors across the crypto market. On Friday, MOODENG price shot up nearly 90% as Binance enhanced trade offerings for the token. Notably, the crypto exchange is launching a USD-Margined perpetual contract for the Solana meme coin, driving market optimism.
MOODENG Bags Futures Listing Sparking Optimism On Price
According to an official Binance announcement on October 25, the crypto exchange is launching the MOODENGUSDT USD-Margined perpetual contract today at 10:00 UTC. As per the announcement, users on the platform can enjoy up to 75x leverage trading the asset.
Further, the underlying asset remains Moo Deng, the Solana-based meme coin. Moreover, the capped funding rate set by the exchange was at +2.00% / -2.00%. Also, the tick size for the perpetual contract was set at 0.00001. The announcement rolled out the contract address for verification as ED5nyyWEzpPPiWimP8vYm7sD7TD3LAt3Q3gRTWHzPJBY.
However, as usual, the listing announcement by the leading crypto exchange clarified that the perpetual contract remains poised to face potential changes ahead based on market risk conditions. The perpetual contract may witness potential adjustments to the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements over the coming days. Nonetheless, the announcement echoed optimism for MOODENG across the industry, as seen by the coin’s latest price action.
Solana Meme Coin’s Price Soars 100%
Notably, the announcement reverberated optimism for the Solana meme coin across the broader market, as seen by its phenomenal intraday gains. MOODENG price gained nearly 100% over the past day and is currently trading at $0.1388. Its intraday low and high were recorded as $0.06547 and $0.1404, respectively. The coin continues to pump against the backdrop of a 141% surge in the intraday trading volume, indicating that the market reacted positively to the futures listing.
Simultaneously, Coinglass data indicated that Moo Deng futures OI soared 173% to $57.47 million today. Also, the derivatives volume skyrocketed 234% to $327.77 million. This data underlined heightened investor interest in the asset, hinting that the coin is on an uptrend today. Crypto market enthusiasts continue to extensively eye the token for further gains as the listing paves the path for money inflow into the asset.
Meanwhile, it’s noteworthy that the crypto exchange also added Goatseus Maximus perpetual contract to its stockpile of offerings, urging a pump in GOAT price. Overall, Binance’s listings appear to have a positive impact on a crypto’s price.
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.
✓ Share: