As a seasoned crypto investor with a knack for spotting opportunities, I must admit that the recent surge in Tranchess ($CHESS) has piqued my interest. Having witnessed the rollercoaster ride of the cryptocurrency market, I’ve learned to keep a keen eye on listings on leading exchanges like Binance, which often set off significant market reactions.
The value of Tranchess ($CHESS) saw a significant increase, climbing approximately 40% after being added to one of the most prominent global cryptocurrency platforms, Binance.
Today at 07:30 UTC, the tokenized asset management and derivatives trading protocol’s native token, CHESS, has garnered increased interest following Binance’s launch of a CHESS/USDT perpetual contract. This listing enables traders to multiply their positions up to 75 times, potentially leading to the sharp increase in price we’ve seen.
Currently, the price stands at $0.2044 and has surged approximately 40% over the past day, according to data from CoinGecko. The market capitalization has also reached a significant figure of $34,990,415.
By setting a limit of +2.00% for funding rates on the CHESS perpetual contract, Binance underlines their dedication to controlling volatility and maintaining a reliable trading atmosphere. This swift price surge underscores Binance’s impact within the cryptocurrency sector, as their listings frequently spark significant market responses.
This progression mirrors the surge experienced by other tokens such as VIDT, which experienced a 59% increase in value following the announcement of its listing on Binance’s perpetual contract market.
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2024-08-29 21:09