Binance Futures has announced the launch of a new DEGENUSDT perpetual contract, set to go live on November 15, 2024. This initiative is part of Binance's strategy to expand trading options.
New Contract Launch
Binance Futures has announced the DEGENUSDT perpetual contract, which will become tradable on November 15, 2024, at 11:30 (UTC). This new contract supports leverage of up to 75x, giving traders greater exposure to the DEGEN asset.
DEGEN Market and Development
Following the announcement, DEGEN saw a 12% increase in value. Despite previous fluctuations, including a drop to a market cap of $40 million, the token has stabilized at a market cap of $500 million. Its all-time high market cap reached $1.06 billion, indicating its rapid growth and popularity. DEGEN initially emerged as a meme coin within the decentralized social network Farcaster and has evolved into the native token for Degen Chain, operating on Ethereum.
Impact of Binance Listing
The introduction of the DEGENUSDT perpetual contract on Binance Futures is expected to boost the token's visibility and liquidity. Perpetual contracts allow traders to speculate on DEGEN's price movements without holding the underlying asset. However, trading with leverage involves significant risks, especially in a volatile segment like meme coins.
The launch of the DEGENUSDT perpetual contract on Binance's platform reflects a strategy to broaden trading opportunities and enhance user experience. High-leverage trading remains a key area of risk, requiring awareness and caution from traders.
