As a seasoned analyst with over two decades of experience in the crypto market, I find myself intrigued by Binance’s latest addition to its Futures offerings – the MOODENGUSDT Perpetual Contract. The meme coin, inspired by the adorable pygmy hippo Moo Deng, has captured the hearts of many and now presents an exciting trading opportunity with up to 75x leverage.
Tradeable Meme Token MOODENG is now available on Binance, accessible through the MOODENG/USDT Perpetual Contract, offering up to 75 times leverage for users.
At 10:00 UTC on October 25th, Binance Futures disclosed that they have broadened their offerings by listing the Solana-associated meme token MOODENG (MOODENG) via the MOODENG/USDT Perpetual Contract.
As per the company announcement, the meme coin inspired by Moo Deng serves as the base asset, with Tether taking on the role of the settlement asset. Initially, the exchange sets a funding rate capped at 2.00% or -2.00%. These funding fees are settled every four hours, offering traders frequent chances to adjust their positions.
Meanwhile the tick size for the perpetual contract was set at 0.00001.
Shortly following Binance Futures’ announcement of its listing, the meme coin MOODENG experienced a surge of over 100%, according to crypto.news data. This cute pygmy hippo-themed meme coin is currently being traded at around $0.16.
At the moment, Moo Deng is placed at number 327 on the crypto.news leaderboard, boasting a market cap of approximately 160 million dollars.
In the announcement, Binance mentions they may modify the terms of their Futures contracts during specific timeframes. The potential modifications could involve alterations to the funding fee, the minimum price increment (tick size), maximum borrowing limit (leverage), initial deposit, or upkeep deposit requirements for the token.
Users have the option to engage in multi-asset trading for the MOODENGUSDT perpetual contract, allowing them to utilize various assets like Bitcoin or other cryptocurrencies as collateral while making trades.
Initially introduced on pump.fun on September 11, the MOODENG meme coin swiftly gained recognition due to the growing fascination with videos featuring its real-world counterpart, a pygmy hippo named Moo Deng, who lives in a Thai zoo.
Due to Moo Deng’s internet popularity, the number of daily visitors at Khao Kheow Open Zoo almost doubled. The director, Narongwit Chodchoy, anticipates that Moo Deng will generate over $6.13 million for the zoo by the year-end.
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2024-10-25 15:42