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- Binance’s DEGEN futures itemizing drove the worth up 50% to $0.29, with $386.4M in buying and selling quantity.
- DEGEN eyes omnichain growth into Solana, Arbitrum, OP, and BSC, unlocking huge liquidity potential.
- Wintermute reverses course, considerably rising DEGEN holdings amid heightened market optimism.
Binance launched futures buying and selling for DEGEN, a token on the Base chain, on November 15, 2024. This launch triggered a 50% worth improve, pushing DEGEN to $0.29. Buying and selling quantity reached $386.44 million, demonstrating robust market curiosity.
Per the weblog publish, the DEGENUSDT Perpetual Contract went reside at 11:30 (UTC) with as much as 75x leverage. The contract provides excessive leverage, a versatile multi-asset mode, and 24/7 buying and selling. Notably, Binance has not but listed spot buying and selling pairs for DEGEN.
Initially a reward token for Farcaster, a blockchain-based social media platform, the futures itemizing goals to develop buying and selling choices and cater to rising curiosity in DEGEN.
May DEGEN Turn out to be the Stablecoin of Memecoins?
Proponents anticipate that DEGEN might develop into the “USDC of meme cash,” doubtlessly increasing into the Solana, Arbitrum, Optimism (OP), and Binance Good Chain (BSC) ecosystems. The potential for omnichain liquidity, probably value a whole bunch of thousands and thousands, has generated pleasure amongst buyers.
Learn additionally: Degen (DEGEN) Value Rallies 22% Publish Farcaster’s $150M Increase, Is a Breakout Looming?
Curiously, Wintermute, a significant market maker, shifted its stance on DEGEN. After lowering its positions to beneath 100 million earlier this week, the agency has aggressively re-accumulated holdings, signaling renewed confidence. This reversal coincides with rising institutional curiosity and heightened market exercise.
The transfer to futures buying and selling on Binance marks a big step for DEGEN, positioning it as a key participant within the memecoin area. Analysts speculate that its utility and cross-chain liquidity might strengthen its place within the crypto market.
As DEGEN positive factors momentum, questions stay about its capability to take care of this progress. Will it reside as much as expectations as a cross-chain liquidity supplier, or will market dynamics hinder its progress? For now, DEGEN is a token value watching.
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