Altcoin
UXLINK Extends Weekly Gains To 110% Amid This Binance Announcement
Web3 social platform UXLINK on Monday piqued significant investor interest, extending its weekly price gains to over a whopping 100%. In light of the coin’s latest price upswing, a listing announcement by crypto exchange behemoth Binance garnered additional optimism towards the token. Notably, the crypto exchange recently announced futures listing for the Web3 social platform’s native coin, sparking optimistic speculations over the asset’s future price action.
Binance Launches USD-Margined Perpetual Contract For UXLINK
According to an official Binance announcement dated September 15, the futures arm of the CEX launched UXLINKUSDT (USD-Margined) perpetual contract on the abovementioned date at 15:00 UTC. The platform’s colossal user base remains poised to enjoy up to 75x leverage trading the asset.
Further, the capped funding rate for the token was set at +2.00% / -2.00%, the exchange clarified in its announcement. The underlying asset for the perpetual contract remains the native token of the Web3 social platform, UXLINK.
However, Binance added in its announcement that it may adjust the specifications of the abovementioned futures contract based on market risk conditions. The changes encompass potential adjustments to the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements.
Nevertheless, the crypto exchange giant’s futures listing for the token appears to have ignited an upside trajectory in its price.
Token Solidifies Gains With Listing
While it’s noteworthy that UXLINK price traded at $0.3915 today, up slightly by 0.65% due to wider market trends, the broader time frame charts underscored an uptrend for the coin. As of September 15, the token soared nearly 10% in tandem with the Binance announcement. Simultaneously, weekly chart illustrated a nearly 110% gain for the coin. Its 24-hour trading volume surged 68% to $510.5 million today.
In the interim, the broader time frame chart for the asset shows a phenomenal surge in the coin’s futures OI, currently resting at $47.14 million, per Coinglass data. Further, The derivatives volume today rested at $898.24 million.
Intriguingly, speculations over a continued upside movement for the coin persist, primarily attributable to the abovementioned futures listing. As seen previously, even AERGO price extended gains with its futures listing on the CEX, sparking a buzz among market watchers. Concerning this, crypto market enthusiasts continue to extensively eye UXLINK for future price action shifts with the futures listing weighing in.
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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