The price of Tranchess ($CHESS) experienced a remarkable surge, jumping nearly 40% following its new listing on one of the world’s leading cryptocurrency exchanges, Binance.
Listing Details
The tokenized asset management and derivatives trading protocol saw its native token, CHESS, gain significant attention after Binance launched the CHESS/USDT perpetual contract at 07:30 UTC today. This listing allows traders to leverage up to 75x, contributing to the dramatic price pump.
Market Reaction
At the time of writing, the price has reached $0.2044, which has increased by around 40% in the last 24 hours. CoinGecko statistics show that the market capitalization has hit $34,990,415. Binance’s decision to cap the funding rate for the CHESS perpetual contract at +2.00% / -2.00% further emphasizes the platform’s commitment to managing volatility and ensuring a stable trading environment.
Comparison with Other Tokens
This development follows similar trends seen with other tokens like VIDT, which saw a 59% price jump after its perpetual contract listing on Binance.
The sudden price increase highlights Binance’s influence in the cryptocurrency market, where listings often lead to substantial market reactions.
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