$MOODENG Surge 119.42% in 24Hour After Binance Launch its Perpetual Contract
The memecoin surged over 119% in less than 24 hours. As a result, MOODENG has climbed to the 327th position in the crypto news rankings, boasting a market capitalization of $160,229,595.
Binance launched the $MOODENGUSDT Perpetual Contract, effective October 25, 2024, at 10:00 UTC. This new contract allows traders to leverage up to 75x on the meme coin’s price fluctuations. Binance Futures has expanded its offerings to include the Solana-based meme coin MOODENG, known for its association with the adorable pygmy hippo, Moo Deng.
Notably, following the launch announcement, the meme coin surged over 119% in less than 24 hours. As a result, MOODENG has climbed to the 327th position in the crypto news rankings, boasting a market capitalization of $160,229,595.
The MOODENGUSDT contract uses Tether (USDT) as the settlement asset, with a capped funding rate of 2.00%/-2.00%. These funding fees, settled every four hours, provide traders with regular opportunities to manage their positions. The tick size for the perpetual contract is set at 0.00001.
The announcement of this new contract has significantly impacted MOODENG’s price, with the meme coin experiencing an over 100% surge, currently trading at $0.16.
$MOODENG Scene Breaking Appearance
Binance reserves the right to adjust the terms of the Futures contract, including the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements, at any time. Users can also leverage the multi-asset mode feature to trade MOODENGUSDT perpetual contracts across multiple margin assets, providing flexibility for traders to utilize Bitcoin or other currencies as a margin.
The MOODENG memecoin burst onto the scene on September 11, 2024, when it launched on the pump.fun platform. It quickly gained popularity due to the viral appeal of Moo Deng, the real-life pygmy hippo residing in a zoo in Thailand.
Videos of Moo Deng’s antics have captivated the internet, leading to a significant increase in visitors to the zoo. The director of Khao Kheow Open Zoo, Narongwit Chodchoy, anticipates that Moo Deng will generate over $6.13 million for the zoo by the end of the year.
This launch signifies Binance’s commitment to expanding its offerings to encompass the growing meme coin market. The MOODENGUSDT Perpetual Contract offers traders a unique opportunity to capitalize on the meme coin’s popularity and potential for further price fluctuations.
