The cryptocurrency market witnessed an impressive surge in the price of DEGEN following a pivotal announcement from Binance. On Friday, November 15, the leading crypto exchange unveiled that it will be launching a DEGENUSDT (USD-Margined) perpetual contract, igniting significant market optimism and boosting DEGEN’s price by 46%.
Binance Unveils DEGEN Perpetual Contract With 75x Leverage
According to Binance’s official statement, the new DEGENUSDT perpetual contract went live today at 11:30 UTC, allowing traders to use up to 75x leverage. This strategic move provides investors and traders the opportunity to gain greater exposure to DEGEN with lower initial capital outlays. Additionally, Binance highlighted that it will support Multi-Assets Mode for the contract, enabling users to fund their DEGEN trades with multiple collateral assets. This added flexibility enhances risk management options for those engaging in leveraged trading.
Moreover, Binance has set a capped funding rate for the DEGEN perpetual contract at +2.00% / -2.00%, with the flexibility to adjust parameters based on market conditions. The exchange stated that these modifications could involve funding fees, tick size, maximum leverage, or even margin requirements, ensuring stability and optimal risk management in changing market environments.
Market Reacts to Binance’s DEGEN Listing
The Binance announcement spurred bullish momentum for DEGEN, as investors and traders rushed to capitalize on the newfound trading opportunities. At the time of writing, DEGEN’s price has skyrocketed 46%, hitting $0.02981. The token’s intraday trading range was between a low of $0.01983 and a high of $0.03272. Furthermore, the trading volume spiked by an astonishing 137%, reaching $411.77 million. This surge reflects investor confidence in DEGEN’s potential following the Binance listing and the benefits of enhanced trading flexibility.
The upbeat sentiment surrounding DEGEN is also tied to broader bullish trends across the cryptocurrency market, as investors look for opportunities to maximize returns. The launch of perpetual contracts is often seen as a sign of growing institutional and retail interest in a token, adding another layer of credibility and excitement.
What’s Next for DEGEN?
As DEGEN continues to benefit from the increased visibility and trading options on Binance, market analysts are closely watching the token’s price action for further signs of bullish momentum. However, as always in crypto markets, traders should be cautious of potential volatility, especially with leverage trading. The adjustments mentioned by Binance to the contract specifications, such as leverage and funding fees, will also play a crucial role in determining the token’s future price dynamics.
Stay tuned for more updates on DEGEN and other cryptocurrencies as the market evolves!
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