DEGEN Price Surges Following Binance Perpetual Contract Announcement
Highlights:
- DEGEN price spikes after Binance announces a futures listing for the crypto.
- Users can leverage the token up to 75x on the platform.
- Rising investor interest sparks speculation about further price increases.
The price of DEGEN has experienced a significant surge following Binance’s announcement of a new perpetual contract for the token. On Friday, the leading cryptocurrency exchange revealed the addition of a DEGENUSDT (USD-Margined) perpetual contract, fueling widespread market discussions about the token’s future performance. As a result, intraday trading volume for DEGEN jumped by over 100%, indicating heightened trader enthusiasm.
Binance Announcement Boosts DEGEN Price
According to Binance’s official announcement on November 15, the DEGENUSDT perpetual contract went live at 11:30 UTC. The contract allows users to trade with up to 75x leverage, providing greater opportunities for high-risk, high-reward strategies.
Additionally, Binance introduced Multi-Assets Mode support for the token, offering users enhanced flexibility and improved risk management options. The exchange set an initial funding rate cap of +2.00%/-2.00% but stated that adjustments could be made based on market risk conditions. These potential changes may include tweaks to funding fees, tick sizes, leverage limits, or margin requirements.
The announcement has generated considerable optimism in the crypto market, pushing DEGEN into a bullish trajectory.
DEGEN Gains 46%
At the time of writing, DEGEN’s price has soared 46%, reaching $0.02981. The token’s intraday low and high were recorded at $0.01983 and $0.03272, respectively. Intraday trading volume has skyrocketed 137% to $411.77 million, reflecting increased market activity.
The perpetual contract launch has also positively impacted DEGEN’s futures open interest, which rose by 43% to $37.58 million, while derivatives trading volume climbed 153% to $125.94 million. These figures underscore growing investor confidence in the asset.
Positive Comparisons With HIPPO Token Rally
The optimism surrounding DEGEN’s performance mirrors a recent event with Sudeng (HIPPO). Following its perpetual contract listing on Binance, HIPPO saw a staggering 127% rally, as reported by CoinGape Media. This precedent has fueled speculation that DEGEN may follow a similar trajectory, prompting crypto enthusiasts to closely monitor the token for further gains.
- With Binance’s support and robust market activity, DEGEN remains a key player to watch in the evolving crypto landscape.
