MOODENG, a Solana-based meme coin, soared 90% on Friday after Binance launched a perpetual futures contract with up to 75x leverage. The announcement ignited trading activity, with volume spiking 141%, signaling heightened investor enthusiasm.

Binance Unveils MOODENG Perpetual Contract with 75x Leverage

At 10:00 UTC today, the MOODENGUSDT USD-Margined perpetual contract will be launched, as stated in a formal release by Binance on October 25. The release states that platform users can trade the asset with a leverage of up to 75x.

Solana-Based Moo Deng Remains the Underlying Asset

Additionally, the meme coin Moo Deng, which is based on Solana, is still the underlying asset. In addition, the exchange had set a capped funding rate of +2.00% / -2.00%.

In addition, the perpetual contract's tick size was set at 0.00001. In the announcement, the contract verification address was revealed as ED5nyyWEzpPPiWimP8vYm7sD7TD3LAt3Q3gRTWHzPJBY.

Market Conditions Could Bring Future Adjustments to MOODENG

Nevertheless, the perpetual contract is still prepared to encounter future alterations depending on market risk conditions, as previously stated in the listing announcement by the top cryptocurrency exchange.

In the days to come, the funding cost, tick size, maximum leverage, initial margin, and maintenance margin requirements of the perpetual contract might be changed. However, as the most recent price activity of the currency shows, the announcement reflected industry-wide excitement for MOODENG.

Price Surges as MOODENG Gains 100% in 24 Hours

Per Coingape, the meme coin's huge intraday gains are evidence that the announcement sent a message of hope to the market as a whole.

The price of MOODENG has increased by approximately 100% in the last 24 hours, and it is now trading at $0.1388. The low point for the day was $0.06547, and the high point was $0.1404. The market's favourable reaction to the futures listing is indicated by the 141% rise in intraday trading volume, which the coin continues to pump against.

Derivatives Volume Soars, Boosting Investor Confidence

At the same time, Moo Deng futures OI jumped 173% to $57.47 million today, according to Coinglass data. Derivatives volume also increased dramatically, by 234% to $327.77M. Based on these numbers, it seems that the coin is really trending upwards right now, which would explain the increased interest from investors.

Binance Listings Continue to Boost Crypto Prices

As the listing opens the door for capital to pour into the asset, crypto market fans are keeping a close check on the token in the hopes of future rises.

The addition of the Goatseus Maximus perpetual contract to the crypto exchange's products is also important; this should lead to a price increase for GOAT. It would appear that the price of a cryptocurrency goes up when it is listed on Binance.