Cryptocurrency exchange Binance has announced that it will list Degen (DEGEN), a meme coin developed on the Coinbase layer-2 network called Base, today. Following the announcement, the price of DEGEN has surged by 50%, currently trading at $0.29.

Upon launch, the listing of DEGEN on Binance will be the first listing of a meme coin from Base on the platform. Here’s what could happen to the cryptocurrency in the short term.

▎Binance to List Degen on Futures Market

According to Binance, DEGEN will become available for trading at 11:30 UTC today. The exchange also noted that its users will be able to trade the token with leverage of up to 75x. Interestingly, the listing of Degen on Binance is part of a series of meme coins that have recently been listed.

As the price of DEGEN has risen, so has its trading volume. According to Santiment, the meme coin’s value has surged by 131% in minutes.

This is an evolving story.