WHY & CHEEMS Under Investors’ Radars As Binance Expands Support, What’s Next?

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As a seasoned crypto investor with battle-scarred fingers from countless market rollercoasters, I’ve learned to keep my expectations in check and maintain a balanced perspective when it comes to exciting announcements like Binance launching USD-margined perpetual contracts for WHY and CHEEMS.

On Monday, crypto tokens WHY and CHEEMS attracted considerable attention from investors as Binance, a leading digital asset exchange, announced important news about these assets. Specifically, Binance shared that it will introduce USD-margined perpetual contracts for these coins, sparking enthusiasm among market participants regarding potential price movements in the near future. Yet, despite this positive announcement, the current mood among investors is still unclear as both tokens were trading at a loss at the time of reporting.

Binance Unveils New Offerings For WHY & CHEEMS Sparking Discussions

In a recent statement on November 25, Binance unveiled plans to introduce perpetual contracts for WHY and CHEEMS today at the same time. According to the announcement, Binance is introducing the 1000WHYUSDT perpetual contract right now at 11:30 UTC. The massive user base of the exchange can look forward to trading this asset with up to 75 times leverage.

At the same time, it was disclosed that the platform will introduce a perpetual contract for trading 1000CHEEMSUSDT starting at 11:45 UTC on the specified date. Users on this platform can take advantage of up to 75 times leverage when dealing with this asset. Additionally, the prominent cryptocurrency exchange also shared that it will enable ‘Multi-Assets Mode’ for these specific assets, providing users with risk mitigation and improved liquidation management through better asset diversification. In essence, this announcement seems to have sparked positive anticipation regarding the tokens’ future price movements, potentially leading to an increase in investment as more people engage with the platform.

How Are The Coins Performing?

In contrast to the upbeat expectations expressed in the recent market announcement, this cryptocurrency bucked typical trends and fell sharply, losing approximately 11% of its value during the day. At present, it is trading at $0.0000002554. The coin’s lowest and highest points over the past 24 hours were $0.0000002337 and $0.0000003843, respectively.

Despite listing for trade at 0.0000007016, CHEEMS prices plummeted a staggering 30% in a single day. Interestingly, the coin’s lowest and highest points within this period were $0.0000006198 (at its lowest) and $0.000001534 (at its peak). This sudden drop has stirred uncertainty among investors regarding the future value of these coins, despite the recent launch of a perpetual contract.

Additionally, it’s worth mentioning that historical events involving similar assets seemed to have a positive effect on cryptocurrencies, making the situation even more interesting. For example, the meme coin based on Solana (SLERF) saw a 55% increase in value following its listing on Binance’s futures market.

At the same time, the value of HIPPO skyrocketed significantly following its listing of futures contracts on the same platform. Given these volatile swings, cryptocurrency analysts remain vigilant and curious about the token’s trajectory, as they grapple with uncertainty regarding its future direction.

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2024-11-25 15:53