MOODENG rises 128% after Binance announces USD-Margined perpetual contract listing.
Trading volume surges 293%, indicating heightened investor interest in MOODENG.
The Solana-based meme coin, Moo Deng (MOODENG), has gained notable attention in the cryptocurrency market, with its value increasing by 128.4% in the last 24 hours. Currently trading at around $0.1649, MOODENG has also seen a 293% rise in trading volume. This price action follows Binance’s announcement of a USD-Margined perpetual contract for the token, which became effective on October 25 at 10:00 UTC.
Notably, Binance’s introduction of the MOODENGUSDT perpetual contract allows users to trade with leverage of up to 75x, providing opportunities for traders to manage their positions actively. The funding rate is capped at 2.00%, helping to regulate the costs associated with holding positions. The contract features a tick size of 0.00001, and funding fees settle every four hours. It may assist traders in making informed decisions.
Moreover, this listing is part of Binance’s ongoing strategy to expand its offerings of memecoin. It responds to the growing interest in this segment of the market. The market’s favorable response to MOODENG stems from its unique branding. It draws inspiration from a viral baby hippo from Thailand.
Upward Trend To Be Followed?
Recent data highlights that Moo Deng’s futures open interest (OI) has increased by 173%, reaching $57.47 million, while derivatives volume has also risen by 234% to $327.77 million. This indicates a rise in investor engagement and interest in the token, suggesting a potential upward trend.
However, traders are advised to remain cautious. Binance reserves the right to adjust the specifications of the futures contract based on market conditions. Such adjustments could impact trading strategies.
As market participants monitor these developments, memecoin community believes that MOODENG appears to be a significant asset within the memecoin space, attracting attention from both traders and investors seeking new opportunities in the dynamic cryptocurrency landscape.
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