As a seasoned researcher who has witnessed the tumultuous rollercoaster ride that is the cryptocurrency market, I must admit that the rapid surge of Kadena (KDA) following Binance’s announcement to list futures trading for the token was both intriguing and not entirely surprising. In my years of analyzing the crypto space, I’ve learned to expect the unexpected, yet still marvel at the market’s unpredictable responses to major announcements such as this one.
On Wednesday, Kadena’s (KDA) price surged approximately 30% due to an exciting development: Binance, a prominent crypto exchange, announced it would begin futures trading for the token. This announcement has ignited significant enthusiasm among investors regarding potential increases in Kadena’s future market value.
Binance Unveils Kadena Futures Listing
As a researcher, I’m excited to share that Binance has announced the listing of the KDAUSDT USD-Margined perpetual contract today at 13:00 UTC. This decision is primarily aimed at broadening the range of trading options available on the exchange and enhancing user trading experiences by providing more opportunities for financial exploration.
The underlying asset remains Kadena, a proof-of-work blockchain that eyes offering a scalable version of Bitcoin. Users can enjoy trading with up to 75x leverage on the crypto. The tick size for the asset remains 0.0001. Further, the capped funding rate was set at +2.00% / -2.00% by the exchange.
Despite this, Binance made clear in their statement that they have the flexibility to modify the terms of the listing agreement depending on market risk factors. These possible modifications might involve tweaks to the funding fee, tick size, maximum loan-to-value ratio, initial margin, and maintenance margin thresholds.
broadly speaking, the news has sparked a sense of optimism regarding Kadena throughout various sectors of the cryptocurrency market, since it’s now being listed on a prominent exchange.
Token Price Soars 30%
As I analyze the current market situation, I’m observing a significant surge in KDA‘s price over the past 24 hours, amounting to approximately 29.59%. At the moment, the coin is being traded at $0.6527. Interestingly, the intraday low and high for KDA were recorded at $0.5018 and $0.6757 respectively, demonstrating a rather dynamic trading range.
KDA’s trading volume experienced a massive increase of 758.74% within the past day, reaching $18,415,678. At the time of reporting, the market capitalization of KDA also skyrocketed by 28%, amounting to $186,287,375. This surge appears to be a result of positive reactions from traders following the announcement of Binance futures listing for KDA.
At the same time, data from Coinglass showed a significant increase of 125% in the token’s futures Open Interest (OI). Additionally, the volume of derivatives followed suit, experiencing a massive jump of 2348%. Together with the price rise, these figures suggest an upward trend for the coin today.
Previously observed, it seems that the addition of a token to CEX’s futures contracts can boost its price. This week, the UXLINK token saw an impressive surge of 110% in value after being listed on their futures market.
At the same time, the listing of AERGO futures caused a temporary increase in the coin’s value. This trend mirrors the rise observed in Kadena’s price today.
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2024-09-18 15:56