Today (25/11/2024), Binance, the world's largest crypto exchange, announced the listing of two trading pairs 1000WHYUSDT and 1000CHEEMSUSDT in the Futures section. This is part of the strategy to expand the Futures trading portfolio for Meme coins, after continuously adding various similar assets recently.

Listing information

  1. Listing time:

    • 1000WHYUSDT: 18:30 on 25/11/2024 (Vietnam time).

    • 1000CHEEMSUSDT: 18:45 on 25/11/2024 (Vietnam time).

  2. Leverage support: Up to 75x, trading time 24/7.

  3. Funding rate:

    • Limit: +2.00% / -2.00% (calculated every 4 hours).

  4. Parameter adjustments: Binance reserves the right to update parameters such as funding fees, maximum leverage, and margin amounts to align with market conditions.

Market reaction

1. CHEEMS

  • Following the listing announcement, the price of CHEEMS unexpectedly dropped by 22% in the past 24 hours, which is quite contrary to the usual price increase trend seen after listings on Binance Futures.

2. WHY

  • The price of WHY also sharply decreased by 15% in the same timeframe, although trading volume surged on other exchanges like Bitget.

Potential reasons:

  • Profit-taking pressure: Investors may have sold off before the official listing to optimize profits.

  • Unstable liquidity: Meme coins like WHY and CHEEMS often experience significant volatility and heavily depend on market sentiment.

Meme coin: Development trend on Binance Futures

Common characteristics of WHY and CHEEMS:

  • Origin:

    • WHY: A prominent Meme coin with a loyal fan community.

    • CHEEMS: A coin inspired by the Cheems dog, a popular meme symbol on social media.

  • Previous listings: Both have been listed on Bitget, one of the largest crypto exchanges today.

Trend of expanding Meme coins on Binance Futures:

  • Previously, Binance had listed Meme coins like SLERF, BABYDOGE, and other prominent tokens, all supporting a maximum leverage of 75x and a similar funding rate limit.

  • Although Meme coins often carry high risk, Binance continues to add this asset class to meet the diverse investment demands of users.

Important notes when trading Futures on Binance

  1. High volatility: Meme coins tend to be highly volatile, posing significant risks if high leverage is used.

  2. No guarantee of Spot listing: The listing of a token on Binance Futures does not mean it will be listed on the Spot market.

  3. Trading strategy: Investors should consider combining technical analysis with risk management to minimize losses when trading Futures.

Conclusion

Binance's listing of two trading pairs 1000WHYUSDT and 1000CHEEMSUSDT continues to strengthen the position of Meme coins in the exchange's Futures portfolio. Despite negative short-term price reactions, this still represents a potential opportunity for venture investors wanting to participate in the Meme coin trend in derivative markets.

However, the price drop of CHEEMS and WHY is also a reminder that Meme coins always come with high risks, especially when trading with leverage. Investors need to be cautious and consider carefully before deciding to participate.

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