In an effort to spark market optimism, leading cryptocurrency exchange Binance released a major update that triggered a surprising rise in the price of DEGEN. A public statement on Friday revealed that the cryptocurrency exchange is launching perpetual contracts for the aforementioned cryptocurrency, sparking market discussions about its future price trend. Meanwhile, traders also seemed to react positively to the listing announcement, as the token's intraday trading volume surged by more than 100%.
DEGEN price rises on Binance announcement
According to Binance’s official announcement on November 15, the cryptocurrency exchange will add DEGENUSDT (USD margin) perpetual contracts at 11:30 UTC today. The announcement shows that users on the platform can still enjoy 75x leverage to trade the asset.
At the same time, the exchange also plans to support a multi-asset model for cryptocurrencies, providing users with enhanced flexibility and risk management. In addition, the exchange has set a cap funding rate of +2.00% / -2.00%. However, the leading cryptocurrency exchange also added that it may make potential changes to future contracts based on market risk conditions. These potential changes include adjusting funding fees, minimum price changes, maximum leverage, initial margin or maintenance margin requirements.
Nonetheless, the announcement appears to have set off a wave of optimism for the token across the industry, as DEGEN prices have surged in the bull run.
DEGEN surges 46%
As of this writing, DEGEN price has surged 46% and is trading at $0.02981. The token’s intraday low and high were $0.01983 and $0.03272, respectively. Notably, the cryptocurrency’s intraday trading volume surged 137% to $411.77 million. This bullish trajectory is in line with the aforementioned listing announcement.
Additionally, the token’s futures OI rose 43% to $37.58 million, given the launch of perpetual contracts. Additionally, derivatives volumes rose 153% to $125.94 million. Overall, these figures indicate an increase in investor investment in the asset.
In another similar report, CoinGape Media recently reported that the price of Sudeng (HIPPO) surged after the launch of perpetual contracts on the same exchange. Notably, the token has since gained 127% year-to-date. Past reports have fueled great optimism about the future price of DEGEN. Crypto market enthusiasts continue to widely follow the token in anticipation of further gains.