- Binance's DEGEN futures itemizing rose 50% to $0.29 with $386.4 million traded.
- DEGEN eyes omnichain enlargement to Solana, Arbitrum, OP and BSC, which unlocks big liquidity potential.
- Wintermute reverses course and considerably will increase DEGEN holdings amid heightened market optimism.
Binance launched futures buying and selling on DEGEN, an on-chain token, on November 15, 2024. This launch triggered a 50% worth enhance, pushing DEGEN to $0.29. Buying and selling quantity reached USD 386.44 million, indicating a robust market curiosity.
In response to the weblog put up, the DEGENUSDT perpetual contract was launched 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 but to listing 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 meet the rising curiosity in DEGEN.
Might DEGEN Change into the Stablecoin of Memecoins?
Proponents speculate that DEGEN may develop into a “USDC meme coin” and probably develop into the Solana, Arbitrum, Optimism (OP) and Binance Sensible Chain (BSC) ecosystems. The potential for omnichain liquidity, presumably value a whole bunch of tens of millions, has created pleasure amongst traders.
Additionally Learn: Degen (DEGEN) Value Rise 22% After Farcaster's $150M Elevate, A Breakout?
Apparently, Wintermute, a significant market maker, has modified its stance on DEGEN. After decreasing its positions beneath 100 million earlier this week, the agency has aggressively re-accumulated holdings, signaling renewed confidence. This turnaround coincides with rising institutional curiosity and elevated market exercise.
The transfer to futures buying and selling on Binance marks a big step for DEGEN and positions it as a key participant within the memecoin area. Analysts speculate that its utility and cross-chain liquidity may strengthen its place within the crypto market.
As DEGEN features momentum, questions stay about its potential to maintain that development. Will it dwell as much as expectations as a cross-chain liquidity supplier, or will market dynamics maintain again its progress? For now, DEGEN is a token value watching.
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