PONKE price rises 19% after Binance announces support for futures listings and up to 75x leverage. What’s next for this rising meme coin?
The price of Solana meme coin Ponke (PONKE) surged 19% after Binance announced the launch of the USDⓈ-margined PONKEUSDT perpetual contract. The contract, which will launch on November 4, 2024, offers users up to 75x leverage, meaning increased opportunities for traders and increased optimism among PONKE supporters.
PONKE Price Soars on Binance Support
According to Binance's official announcement, the PONKEUSDT perpetual contract will be launched at 12:30 UTC on November 4, providing traders with 75x leverage and 24/7 trading. The main features include a minimum price change of 0.00001 and an upper limit of funding rate of ±2.00%, and the funding fee is settled every four hours. Binance's multi-asset model further allows users to use BTC as collateral, providing flexibility for margin trading. However, the exchange may adjust contract specifications such as funding fees, leverage, and minimum price changes based on changing market conditions to ensure that assets are consistent with market risk levels.
Built on Solana, PONKE caters to online traders and gaming enthusiasts thanks to the blockchain's high speed and low-cost transactions. The token's community-driven design, unique token economics, and accessibility through major exchanges enhance its market appeal. Its#ponkyarmycommunity is particularly active, with governance roles and dedicated social media influencers to drive further engagement and growth.
Will the rally continue?
Following the news of the Binance listing, PONKE's price surged 19% and is currently trading at $0.49, with a 24-hour low of $0.43 and a high of $0.56. Its trading volume has climbed to $77 million in the past 24 hours, indicating an increase in interest. With a market cap of $274 million, PONKE continues to attract the attention of meme coin enthusiasts. In addition, recent Coinglass data also shows an increase in PONKE's open interest, indicating optimism for further gains.
PONKE, which will launch in late 2023 with a total supply of 555 million tokens, hit an all-time high of $0.70 four months ago. Its deflationary burn mechanism and community-driven features put PONKE in a unique position in the Solana ecosystem, attracting meme coin fans and investors seeking growth in Solana-based assets.
