HIPPO, the memecoin, experienced a significant 144% surge after being listed on the Binance platform. The coin, created on the Sui blockchain, quickly gained the attention of numerous traders.
Sudden Rise Post Listing
The memecoin's price increased from $0.012 to $0.024 within hours after the listing announcement. Trading volume rose, reaching $106 million in one day. Currently, HIPPO trades at $0.026, with a 9% increase in trading volume reaching $181 million in the last 24 hours, and market capitalization surged by 23% to $260 million.
Factors Behind the Surge
The rapid increase was due to Binance's offer of up to 75x leverage on HIPPO futures, allowing traders to transact amounts significantly larger than their actual holdings.
Memecoin in Market Context
HIPPO draws inspiration from a pygmy hippo named Su Deng, a beloved character on social media. In addition to HIPPO, other tokens like ACT and Pnut have also seen significant gains following their recent listing on Binance.
HIPPO's sudden rise highlights the importance of listings on major platforms like Binance in enhancing visibility and popularity of cryptocurrencies. It also exemplifies how various market mechanisms can profoundly influence the value of digital assets.
