Binance announces memecoin futures and price soars 90%
The memecoin Moo Deng (MOODENG), created on the Solana network, rose 90% this Friday (24) according to data from CoinGecko. This appreciation occurred after Binance included new types of trading for the token, such as the launch of perpetual futures.
The new contract, stated the exchange, will allow customers to trade MOODENG with leverage and in dollars, which brought excitement to the market. This contract could boost interest in memecoin and increase its trading volumes.
This memecoin emerged recently. inspired by a baby hippo from Thailand called Moo Deng, who lives in Bangkok Zoo. The animal became an instant meme and gained enormous visibility, leading to the creation of memecoin, which has appreciated in value by more than 1,000% since its launch.
MOODENG dispara 90%
According to Binance's official announcement this Friday (25), the MOODENGUSDT perpetual contract came into effect from 7am (Brasília time) and users will be able to trade with up to 75 times leverage. Furthermore, the underlying asset remains Moo Deng.
The contract will have a rate that varies between +2.00% / -2.00%. Additionally, the tick size for the perpetual contract has been set at 0.00001 MOODENG. The announcement released the contract address for verification as ED5nyy…RTWHzPJBY.
However, as usual, the announcement clarified that the perpetual contract remains ready to face potential changes based on market risk conditions. In this sense, the perpetual contract can witness possible adjustments in the funding rate, size, maximum leverage, initial margin and others.
After the announcement of the new contract, the price of the MOODENG memecoin increased by almost 100%, reaching a value of US$0.1388. Trading volume increased by 141% in the last 24 hours, indicating that the market reacted positively to the listing.
Interest in Moo Deng derivatives rises
Data from Coinglass indicated that Moo Deng futures rates rose 173% and reached US$57.47 million this Friday. Furthermore, derivatives volume soared by 234% and reached US$327.77 million.
This data highlighted growing investor interest in the asset, suggesting the coin is on an uptrend today. Cryptocurrency market enthusiasts continue to extensively watch the token for further gains as the listing paves the way for money to flow into the asset.
However, the MOODENG memecoin was not the only memecoin to enter Binance's perpetual radar, as the exchange also added the Goatseus Maximus (GOAT) perpetual contract. But in this case, memecoin experiences a 10% drop in the last 24 hours.