UXLINK price has risen nearly 110% in a week as cryptocurrency exchange Binance extended support, sparking optimism for further gains.

Web3 social platform UXLINK has attracted great interest from investors on Monday, with its weekly price increase exceeding 100%. Given the recent price increase of the token, the listing announcement of cryptocurrency exchange giant Binance has brought additional optimism to the token. Notably, the cryptocurrency exchange recently announced that it will list futures for the native token of the Web3 social platform, which has triggered optimistic speculation about the future price trend of the asset.

According to Binance’s official announcement on September 15, CEX’s futures arm launched UXLINKUSDT (USD-margined) perpetual contracts at 15:00 UTC on the aforementioned date. The platform’s massive user base is still ready to enjoy up to 75x leverage to trade the asset.

In addition, the exchange clarified in the announcement that the capped funding rate for the token is set at +2.00% / -2.00%. The underlying asset of the perpetual contract is still the native token of the Web3 social platform UXLINK.

However, Binance added in the announcement that it may adjust the specifications of the above futures contracts based on market risk conditions. These changes include potential adjustments to funding fees, minimum price changes, maximum leverage, initial margin and maintenance margin requirements.

Nonetheless, the token futures listing by the cryptocurrency exchange giant appears to have sparked an upward trajectory for its price.

Token listing consolidates earnings

Notably, UXLINK is trading at $0.3915 today, up slightly by 0.65% due to broader market trends, but the broader timeframe chart highlights the token’s uptrend. As of September 15, the token surged nearly 10% following Binance’s announcement. Meanwhile, the weekly chart shows the token up nearly 110%. Its 24-hour trading volume surged 68% today to $510.5 million.

Meanwhile, a broader timeframe chart of the asset shows that the token’s futures OI has seen a staggering increase, currently at $47.14 million, according to Coinglass. Additionally, derivatives volumes today are at $898.24 million.

Interestingly, speculations about the token continuing to rise continue to persist, largely attributable to the aforementioned futures listing. As mentioned earlier, with the listing of AERGO futures on CEX, its price also continued its upward momentum, catching the attention of market observers. On this note, cryptocurrency market enthusiasts continue to widely watch UXLINK to understand future price action changes, and futures listing will play an important role.
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