PONKE Surge 25% after Binance Announced Launch of it’s Perpetual Contract

Binance, the world’s leading cryptocurrency exchange, has announced the upcoming launch of a PONKEUSDT perpetual contract with up to 75x leverage.  The contract is scheduled to go live on November 4, 2024, at 12:30 UTC; following the announcement, PONKE sees a market surge of over 25%

PONKE, a memecoin on the Solana blockchain, has gained considerable traction in recent months, fueled mainly by its quirky image of a monkey and its active community. The coin’s popularity has increased demand for trading options, prompting Binance to introduce the new perpetual contract.

PONKE Price Action

Ponke exhibited a notable upward trend in recent hours and days. As of November 4, 2024, at 3:37 AM PST, the token is trading at $0.5100, reflecting a substantial 10.8% increase from its value just an hour prior.

The positive momentum extends to a 10.2% rise since yesterday. PONKE has seen a significant 15.3% gain compared to its value a week ago.

The substantial trading volume observed in the last 24 hours further underscores this upward trajectory. A total of $76,751,445 worth of PONKE has exchanged hands, indicating significant market activity and investor interest.

While this recent price surge is encouraging, it is crucial to note that the cryptocurrency market is inherently volatile. Perpetual contracts offer traders the ability to speculate on the price of an asset without an expiry date. By leveraging these contracts, traders can amplify their potential profits but also face a higher risk of losses.

Binance Offer up to 75x Leverage

Binance’s offering of up to 75x leverage gives traders significant flexibility to tailor their trading strategies to their risk appetite.

The introduction of the PONKEUSDT perpetual contract signals Binance’s commitment to expanding its offerings for memecoin traders. It allows seasoned and novice traders to engage with the growing memecoin market.

However, it is crucial for traders to understand the inherent risks associated with leverage trading and to manage their positions responsibly.

While Binance has not yet launched spot trading for PONKE, the addition of the perpetual contract signifies a strong interest in the memecoin’s future. This development could further fuel the growth of PONKE and drive more attention towards the Solana ecosystem.