In recent developments, Binance, the world’s largest cryptocurrency exchange by trading volume, has once again captured attention by listing a new altcoin for futures trading. Just moments ago, Binance announced the addition of MBOX for futures trading.
New Listings and Campaigns
Binance has been at the forefront of significant market activities, particularly in the past week. The exchange has not only added several new altcoins to its trading options but has also rolled out support for various airdrops and campaigns. For instance, FLOKI holders became eligible for an airdrop, and a campaign was organized for DOGS investors.
Futures Trading Expansions
Last week, Binance launched futures trading for ALPACA and announced the commencement of VIDT’s USDT pair futures trading. Today, the exchange revealed that MBOX would be listed for futures trading, allowing users to leverage up to 75x. Binance’s official announcement stated: "Dear Binancians, To expand the range of trading options on Binance Futures and enhance users’ trading experience, Binance Futures will launch the MBOXUSDT Perpetual Contract with up to 75x leverage on 2024-08-28 at 09:30 (UTC)." More details about the perpetual contract can be found in the table below:
Market Reactions
MBOX futures trading was slated to start at 12:30 today, and despite a decline in Bitcoin, MBOX experienced a significant price surge. Previously stable, MBOX’s price leaped from $0.1450 to $0.1820, marking a rise of over 20%. This increase boosted MBOX’s market cap to over $70 million, although its trading volume fell by 13% to $45.5 million, indicating a lack of sufficient trading interest.
In summary, Binance’s latest moves, including the addition of MBOX for futures trading, continue to reshape investor focus and market activity. The exchange’s proactive strategies in expanding trading options and supporting various campaigns underscore its influential role in the cryptocurrency ecosystem.
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