DEGEN Price Soars 43% On This Binance Announcement, More Gains Ahead?

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As a seasoned crypto investor with a knack for spotting opportunities, I must admit that the recent Binance announcement about listing DEGEN and its subsequent price rally has caught my attention. I vividly remember the surge in HIPPO‘s price following its perpetual contract launch on Binance, which serves as a testament to the potential of such listings.

To boost investor confidence, Binance, the top crypto exchange, unveiled a significant change: they’re introducing a perpetual contract for DEGEN. This news was shared publicly on Friday, causing a flurry of market talk about potential future price movements. Additionally, traders seem to be excited about this listing announcement, as the coin’s trading volume for the day skyrocketed more than 100%.

DEGEN Price Rallies On Binance Announcement

According to an official Binance statement dated November 15, they are launching a DEGENUSDT (USD-Margined) perpetual contract today at 11:30 UTC. This announcement also states that users on the platform will have the opportunity for up to 75 times leverage when trading this asset.

In addition, the platform is intending to introduce a Multi-Asset Mode for cryptocurrencies, providing greater adaptability and risk control for users. Moreover, the exchange’s interest rate limit was set at +2.00% on the long side and -2.00% on the short side. It’s important to note that this leading crypto exchange may modify the contract terms based on market conditions, which could involve alterations in funding fees, tick sizes, maximum leverage, initial margin, or maintenance margin requirements.

Despite the announcement causing a wave of optimism throughout the industry, the price of DEGEN’s token soared during the bull run.

DEGEN Soars 46%

At the moment of this update, the price of DEGEN significantly increased by 46%, reaching $0.02981. During trading today, its lowest and highest points were $0.01983 and $0.03272 respectively. Importantly, the volume of intraday trades for this cryptocurrency saw a substantial rise of 137%, amounting to approximately $411.77 million. This upward trend is consistent with the earlier announcement about its listing.

Due to the launch of the perpetual contract, the value of the token’s futures Open Interest increased by 43%, reaching $37.58 million. Additionally, the volume of derivatives saw a significant surge of 153% to $125.94 million. In essence, these figures suggest a substantial rise in investor interest for this asset.

Previously, CoinGape Media announced that HIPPO (Sudeng) experienced a significant increase in price after launching its perpetual contract on the same exchange. Interestingly, the token has surged by 127% since then. This news has sparked considerable optimism about DEGEN’s future price movements. Cryptocurrency market enthusiasts are closely watching the token, anticipating potential further growth.

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2024-11-15 15:17