The DAO-based cryptocurrency VIDT saw an approximate 59% price increase on Friday following Binance's announcement of the introduction of a USDT-backed perpetual contract.
VIDT Price Surge
VIDT’s price jumped 59% in the past day to reach $0.03684, and its 24-hour trading volume increased by 27.99% to $32.12 million. The token’s market capitalization increased by 52.36% to $30.01 million. The new perpetual contract listing for VIDT on Binance is mostly responsible for this increase.
New Binance Contract Launch
Binance Futures announced the launch of the VIDT USD-Margined perpetual contract on August 23. Users wishing to trade VIDT on the platform may now trade futures more easily thanks to this move made by the derivatives trading division of the cryptocurrency exchange. The contract, which offered traders up to 75x leverage, was scheduled to launch at 09:30 UTC. Additionally, the exchange enabled a Multi-Assets Mode for the asset and capped the funding rate at +2.00% / -2.00% to improve users’ trading experience.
Impact of Binance Listings on the Market
Binance’s listings often have a bullish impact on the market. Previous coins like POPCAT, SUN, BANANA, and SYN also saw notable price increases when their future listings on the platform were announced. With Binance’s continued expansion into emerging markets, the exchange is solidifying its influence in the global crypto sector. Additionally, DOGS was recently listed by Binance as the 57th Launchpool project. As Binance continues to expand into emerging markets, the exchange is further strengthening its position in the global cryptocurrency industry.
The recent announcement by Binance on the launch of the perpetual contract for VIDT has significantly affected the token’s price. Historically, such listings on the platform tend to positively impact asset values, further establishing Binance’s strong hold in the global cryptocurrency community.
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