New DEGEN Perpetual Contract Available on Binance Futures with Leverage of Up to 75x

Launching at 11:30 UTC on November 15, 2024, Binance Futures' DEGENUSDT Perpetual Contract is the latest announcement from the exchange. With this new offering, traders will have more access to the DEGEN token because it supports leverage of up to 75x. This is a step toward improving the user experience and expanding Binance Futures' trading choices.

As a result of the news, DEGEN's market value increased by 12%. Although DEGEN has seen ups and downs, including a precipitous fall to a market valuation of $40 million, the cryptocurrency has recovered well and is currently hovering around $500 million. The tremendous expansion and popularity of the company were highlighted by its all-time high market valuation of $1.06 billion.

Originally launched as a meme coin on the decentralized social network Farcaster, DEGEN quickly gained popularity due to its community-driven appeal. Degen Chain is a Layer 3 blockchain that runs on top of Base, an Ethereum Layer 2 scaling solution, and it has developed over time to become the native token for Degen Chain.

With the goal of creating a community-centric setting for developing decentralized projects, Degen Chain is built to provide cheap transactions. Because of its emphasis on accessibility and low prices, DEGEN has quickly become one of Base's most valuable assets and the biggest memecoin there is.

Binance Listing Consequences

We anticipate that DEGENUSDT's market visibility and liquidity will rise with the release of a perpetual contract on Binance Futures. Both long-term investors and short-term traders find perpetual contracts appealing since they enable them to bet on DEGEN's price swings without actually possessing the underlying asset.

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