Aavegotchi (GHST) surged nearly 37% as cryptocurrency exchange Binance announced the launch of USD-margined perpetual contracts.
Blockchain-based gaming and DeFi protocol Aavegotchi (GHST) attracted a lot of investor attention on Monday, with its price surging by nearly 37%. Notably, the market sentiment towards Web3 gaming and DeFi protocols has become highly optimistic as cryptocurrency exchange giant Binance expanded its support for the token. Recently, the exchange announced the launch of futures listings for GHST, following which the token’s price surged significantly.
Binance Launches USD-Margined Perpetual Contracts for Aavegotchi (GHST)
On September 23, Binance officially announced the launch of the Aavegotchi (GHST) USD-margined perpetual contract (GHSTUSDT) in a press release. According to the announcement, the perpetual contract will be launched today at 13:00 UTC. Users on the platform can enjoy up to 75x leverage to trade the token. At the same time, the underlying asset of the contract is still Aavegotchi.
The exchange has set a cap funding rate of +2.00% / -2.00%. However, the exchange also clarified that the contracts are still subject to change based on market risk conditions. Users may see changes in funding fees, minimum tick size, maximum leverage, initial margin, and maintenance margin. Nonetheless, the announcement created a stir in gaming and DeFi protocols as their prices surged by about 37% after Binance’s listing.
Aavegotchi bills itself as a project with cute ghosts on the Ethereum blockchain, each with a unique set of characteristics. The ghosts also contain crypto tokens, represented by the collateral symbol on their heads.
Token price increased by 37%
Meanwhile, GHST’s price has surged by about 37% in the past 24 hours to $1.201. The token’s intraday low and high prices were $0.8713 and $1.21, respectively. Traders appeared to react positively to the listing announcement, as the token’s intraday trading volume surged by a staggering 1103% to $17,757,512.
Notably, today’s price increase is largely in line with the aforementioned futures listing, something that has happened with other tokens before. CoinGape Media reported earlier that TON-based Catizen (CATI) prices rose by more than 30% following its listing on the same CEX.
Similarly, the price of Solana token FIDA also experienced a significant increase as futures were listed on exchanges. All in all, these past experiences provide legitimacy for Aavegotchi (GHST)'s rise today. Crypto market enthusiasts continue to watch for further price action changes for the token.
