- The itemizing of DEGEN futures on Binance pushed the worth up 50% to $0.29, with buying and selling quantity of $386.4 million.
- DEGEN eyes Omnichain enlargement into Solana, Arbitrum, OP, and BSC, unlocking huge liquidity potential.
- Wintermute reversed course and considerably elevated its DEGEN holdings amid rising 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 the excessive stage of market curiosity.
In line with a weblog put up, the DEGENUSDT perpetual contract was revealed at 11:30 (UTC) with as much as 75x leverage. The contract provides excessive leverage, 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, this futures itemizing goals to increase buying and selling choices and reply to rising curiosity in DEGEN.
Can DEGEN turn out to be a memecoin stablecoin?
Supporters predict that DEGEN may turn out to be the “USDC of meme cash” and increase into the Solana, Arbitrum, Optimism (OP), and Binance Sensible Chain (BSC) ecosystems. The potential for Omnichain liquidity, maybe value tons of of tens of millions of {dollars}, is producing pleasure amongst buyers.
Associated article: DEGEN (DEGEN) Farcaster worth rises 22% after $150 million elevate, is a breakout close to?
What’s fascinating is that main market maker Wintermute has modified its stance on DEGEN. After lowering its place to lower than 100 million shares earlier this week, the corporate is aggressively re-building its holdings, displaying renewed confidence. This reversal coincides with elevated curiosity from institutional buyers and elevated market exercise.
The transfer to futures buying and selling on Binance is a vital step for DEGEN, establishing itself as a serious participant within the memecoin house. Analysts speculate that its utility and cross-chain liquidity may strengthen its place within the crypto market.
As DEGEN beneficial properties momentum, questions stay about its capability to maintain this development. Will it reside as much as expectations as a cross-chain liquidity supplier, or will market traits hinder its progress? For now, DEGEN is a token value watching.
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