Binance Adds Moo Deng (MOODENG) to Its Futures Market with 75x Leverage

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As an analyst with over two decades of experience in the financial markets, I find myself intrigued by Binance’s latest move into the meme coin arena, specifically with Moo Deng (MOODENG). My personal life experiences have taught me that meme coins can be unpredictable and highly volatile, but they can also yield significant returns for those who are willing to take on the risk.

Binance is continuously expanding its selection of meme coins on both its standard and futures trading platforms, with the goal of leveraging the widespread appeal of these tokens to further enhance its substantial liquidity. On October 25th, Friday, the digital currency titan announced its endorsement for Moo Deng (MOODENG), a meme coin on the Solana platform that’s inspired by a well-known Thai hippopotamus.

As per the announcement, MOODENG is set to be listed on Binance Futures around 10:00 UTC, offering up to 75 times leverage. Upon launch, the contract will settle with Tether (USDT), which is currently valued at approximately $1.00. The 24-hour volatility of MOODENG is relatively low at 0.1%, and it has a market cap of over $120 billion, with a trading volume of around $40.82 billion in the last 24 hours.

Binance Caps Moo Deng (MOODENG) Funding Rate at 2%

Under this fresh agreement, the tick size stands at 0.00001 and the funding rate is limited to 2%, designed to keep the cost of maintaining positions in check. Moreover, the funding fee will be settled every four hours, offering traders frequent updates to aid them in making well-informed investment choices.

Binance highlights that the perpetual contracts offer a “multi-asset mode,” enabling traders to conduct MOODENG/USDT transactions using various margin assets such as Bitcoin and Ethereum. It’s important to note that these assets can be used as collateral for MOODENG trades, with applicable haircuts taken into account. This versatile feature allows investors to utilize multiple assets in their trading strategies. (Bitcoin: $67,818, 24h volatility: 1.4%, Market cap: $1.34 T, Vol. 24h: $33.77 B; Ethereum: $2,541, 24h volatility: 0.7%, Market cap: $305.96 B, Vol. 24h: $17.23 B)

It’s crucial to remember that Binance has the authority to modify the terms of contracts whenever necessary, in order to effectively handle potential market risks.

According to the market’s risk factors, Binance can modify the details of the mentioned futures contract occasionally. These changes might affect the funding fee, minimum price increment (tick size), maximum borrowing power (leverage), starting deposit (initial margin), and/or the amount needed to maintain the deposit (maintenance margin).

MOODENG Blows Up Following Binance Announcement

After the announcement that MOODENG would be listed on Binance, the price soared by 128.4% over a 24-hour period, continuing its streak of profitable weekly gains. According to CoinGecko, the meme coin is currently worth approximately $0.15, which is an increase from its value of $0.066 on Thursday.

Ever since it first came out, this token has consistently been paying off its investors. Just last month, on the 10th of September, a cryptocurrency investor is said to have transformed an initial $800 into an astonishing $7.5 million in a mere four-hour time span.

A trader, first identified by blockchain analytics firm Arkham Intelligence, recently acquired approximately $800 worth of Solana (SOL) tokens. This digital currency has a 24-hour volatility of 0.6%, a market cap of $81.47 billion, and a 24-hour volume of $4.40 billion. The trader made this purchase in anticipation of the meme coin’s upcoming launch.

Although the trader achieved significant profits, there were allegations of insider trading levied by users on Crypto Twitter, who believe the person involved might be an insider or a team member with confidential information due to their access to privileged data.

On another occasion, it’s been seen that crypto traders have amassed millions from small initial investments. For instance, earlier this week, a cryptocurrency investor is said to have withdrawn $1.7 million from an initial investment of $668 in the Flavia meme coin. Remarkably, according to blockchain analytics firm Lookonchain, this trader made an astounding 2,693x return in a mere 10 hours.

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2024-10-25 14:00