Solana meme coin Moo Deng (MOODENG) price soars nearly 100% as Binance announces a perpetual contract with up to 75x leverage.
The Solana-based meme coin Moo Deng (MOODENG), inspired by Thailand’s viral baby hippo, has captured significant attention among crypto traders and investors.
On Friday, the token’s price surged by almost 90% following Binance’s announcement of expanded trading options for it.
Specifically, Binance is introducing a USD-Margined perpetual contract for Moo Deng, fueling market enthusiasm.
MOODENG Futures Listing Fuels Optimism
In an official announcement on October 25, Binance confirmed the launch of the MOODENGUSDT USD-Margined perpetual contract, set to go live at 10:00 UTC.
The new contract will allow users to trade with leverage up to 75x, and the underlying asset remains the Moo Deng meme coin on Solana.
Binance set a capped funding rate at +2.00% / -2.00%, with a tick size of 0.00001. For verification, the contract address provided is ED5nyyWEzpPPiWimP8vYm7sD7TD3LAt3Q3gRTWHzPJBY.
The announcement also noted that the contract could undergo modifications depending on market conditions, with potential adjustments to funding fees, tick size, leverage limits, and margin requirements.
Nonetheless, the Binance listing has generated optimism, as reflected in the recent price activity for MOODENG.
Solana Meme Coin’s Price Doubles
The announcement led to increased market confidence, as evidenced by a nearly 100% price spike, with MOODENG reaching $0.1388 after an intraday low of $0.06547 and high of $0.1404.
Intraday trading volume jumped by 141%, reflecting a strong positive response to the futures listing.
According to Coinglass data, open interest in Moo Deng futures surged by 173% to $57.47 million, with derivatives volume up 234% to $327.77 million.
This uptick indicates high investor interest and suggests a potential uptrend for the coin, as many are closely watching for further gains in light of this new listing.
Additionally, Binance introduced a perpetual contract for Goatseus Maximus, which has similarly sparked an increase in GOAT’s price. Binance’s listings often seem to bolster price action for newly listed cryptos.
