WHY & CHEEMS tokens are on crypto market traders’ and investors’ radars as Binance launches futures trading with up to 75x leverage.
The crypto tokens WHY and CHEEMS attracted notable attention on Monday following a significant update from Binance.
The digital asset exchange giant announced the introduction of USD-margined perpetual contracts for these tokens, sparking optimism about their future price movements.
Despite the announcement, both tokens were trading in the red at the time of reporting, leaving investor sentiment uncertain.
Binance Launches Perpetual Contracts for WHY and CHEEMS
In an official announcement on November 25, Binance revealed plans to launch perpetual contracts for WHY and CHEEMS.
The exchange introduced the 1000WHYUSDT perpetual contract at 11:30 UTC, offering up to 75x leverage for traders.
Similarly, the 1000CHEEMSUSDT perpetual contract went live at 11:45 UTC, providing users up to 75x leverage.
The platform also announced support for its Multi-Assets Mode, allowing traders to mitigate risk and manage liquidations more effectively while trading these tokens.
This update has generated optimism around the tokens, potentially paving the way for increased investment and trading activity.
Current Price Performance
Despite the upbeat announcement, both tokens saw significant price declines.
- WHY dropped nearly 11% intraday, trading at $0.0000002554, with a 24-hour range between $0.0000002337 and $0.0000003843.
- CHEEMS fell 30% intraday to $0.0000007016, with a daily low of $0.0000006198 and a peak of $0.000001534.
The downward movement has introduced uncertainty into investor sentiment, raising questions about the tokens’ future despite the perpetual contract launch.
Historical Context and Market Outlook
Historically, Binance futures listings have often had a bullish impact on tokens. For instance, Solana meme coin SLERF surged 55% following its futures listing, while HIPPO also experienced a significant rally under similar circumstances.
Given this precedent, market watchers remain intrigued by the contrasting behavior of WHY and CHEEMS.
As the market reacts to Binance’s announcement, traders continue to observe the tokens closely, awaiting clarity on their future trajectory.