Binance, the world's leading exchange by trading volume, has made an important announcement about the launch of ALPACA futures trading with up to 75x leverage, starting today.
Recent Binance Activities
Recently, Binance has been actively adding numerous altcoins to its trading options. The exchange has shown particular interest in meme coins, supporting BRETT developments and airdrop campaigns for FLOKI holders. Additionally, Binance organized a campaign targeting DOGS investors, highlighting the company's dynamic approach to engaging with different segments of the cryptocurrency market.
ALPACA Futures Launch
In its latest move, Binance announced the launch of the ALPACAUSDT Perpetual Contract with up to 75x leverage. Trading commenced today at 13:30 UTC, aiming to enhance user experience on Binance Futures by expanding available trading options. This announcement has directed market attention towards ALPACA, affecting its price significantly.
Immediate Market Impact
Following the announcement, ALPACA’s price surged dramatically. Within minutes, the altcoin’s value rose by 65%, reaching $0.2191. Consequently, the 24-hour price perspective saw a 67.79% increase, and the 7-day price outlook jumped by 141.44%. This price rally also led to a substantial increase in market volume, exceeding the $32 million mark and driving the 24-hour trading volume past $49 million, indicating heightened trading activity.
In conclusion, Binance’s introduction of ALPACA futures with significant leverage has created notable ripples in the cryptocurrency market. This move not only underscores Binance’s influence but also reflects the exchange’s commitment to diversifying trading options for its users. As ALPACA’s price and trading volume surge, market participants are closely monitoring the developments to gauge the long-term impact.
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