Binance Lists ETHFI, MEME, PYTH Among 7 New FDUSD Trading Pairs

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As an experienced financial analyst, I find Binance’s announcement to introduce new FDUSD trading pairs for several cryptocurrencies an intriguing development in the crypto market. This expansion of trading options is expected to have a significant impact on the listed tokens, as it allows for greater portfolio diversification and more flexible trading strategies.

Binance, the leading global cryptocurrency exchange, has unveiled plans to introduce new trading pairs with USD (Fidusd) for both cross margin and isolated margin trading. The exchange intends to list several cryptocurrencies such as ARLT (Altlayer), ETHFI (Ether.fi), IO (io.net), MEME (Memecoin), PYTH (Pyth Network), TNSR (Tensor), and TAO (Bittensor). This announcement, made on June 28, has generated buzz within the crypto community as investors anticipate potential price hikes following these tokens’ listing against USD.

Details of the New Trading Pairs

As a researcher studying the latest developments at Binance, I can share that the exchange has recently introduced new FDUSD (Frax Dollar-USD) cross and isolated margin trading pairs. These pairs are now available for trading against various altcoins such as Memecoin, ETHFI, Pyth, Bittensor, Altlayer, Tensor, and IO. The new trading pairs maintain the same structure for both cross margin and isolated margin trading: ALT/FDUSD, ETHFI/FDUSD, IO/FDUSD, MEME/FDUSD, PYTH/FDUSD, TNSR/FDUSD, and TAO/FDUSD.

To sweeten the deal, Binance is providing commission-free trades on FDUSD pairs, with the specifics varying based on users’ VIP tiers. This initiative from Binance aims to elevate users’ trading experience by introducing new trading possibilities, enabling broader portfolio diversification, and facilitating more adaptable trading approaches.

Market Impact and Price Movements

Following the announcement, there was a correlation between the price increases and the mentioned cryptocurrencies on the list. Over the past 24 hours, these digital currencies displayed growth ranging between 1% and 6%.

Meme coin, represented by MEME, registered a gain of 4.97% and was priced at $0.01978, with a trading volume of $34.1 million over the past 24 hours. Ether.fi (ETHFI) marked a rise of 5.69%, reaching $3.34 and recording a volume of $121 million during this period. Pyth Network (PYTH), however, demonstrated the most significant surge of 6.21%, trading at $0.326 with a volume of $65.1 million.

As a researcher studying the cryptocurrency market, I’ve observed that IO.net (IO) experienced a noteworthy growth of 1.23%, pushing its price to $3.49. The trading volume for IO reached an impressive figure of $183.3 million. Remarkably, this positive development coincides with the ongoing altcoin rally, which has been fueled by Bitcoin‘s recent price surge of 1.18% to $61,476.59. The significant trading volume for Bitcoin was recorded at $24 billion.

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2024-06-28 11:06