UXLINK’s price rose 0.65% today to $0.3915, with a weekly growth of nearly 110%, and trading volume surged by 68% to $510.5 million.
UXLINK, a social platform that operates on the Web3 platform, attracted a substantial amount of investor interest on Monday, extending its weekly price gains to more than 100 percent.
Binance, the titan of cryptocurrency exchanges, generated additional confidence for the token with its listing announcement, particularly in light of the coin’s recent price increase.
Notably, the cryptocurrency exchange has just recently stated that it will be offering futures contracts for the native token of the Web3 social platform. This has sparked optimistic speculations about the asset’s future price action.
Binance Launches USD-Margined Perpetual Contract For UXLINK
According to an official announcement from Binance on September 15, the futures arm of the CEX launched the UXLINKUSDT (USD-Margined) perpetual contract on the aforementioned date at 15:00 UTC.
On September 15, Binance made the news public. The platform’s vast user base is still able to take advantage of leverage of up to 75 times while trading the asset. The exchange clarified in its release that the token’s capped financing rate stands at +2.00% / -2.00%.
Additionally, the native token of the Web3 social network, which is known as UXLINK, continues to serve as the underlying asset for the perpetual contract. On the other hand, Binance emphasized in its announcement that it might modify the terms of the aforementioned futures contract in accordance with the market risk conditions.
The changes include a number of potential revisions to the funding cost, tick size, maximum leverage, initial margin, and maintenance margin requirements. Despite this, the cryptocurrency exchange giant’s introduction of a futures listing for the token appears to have sparked an upward trend in the token’s price.
While it is noteworthy that the price of UXLINK traded at $0.3915 today, indicating a 0.65% increase due to wider market movements, the charts covering a longer time frame revealed an upward trend for the blockchain cryptocurrency.
In conjunction with the news made by Binance on September 15, the token experienced a nearly 10% increase in value. During this time, the weekly chart displayed an almost 110% increase for the coin.
Today, the company’s 24-hour trading volume increased by 68%, reaching $510.5 million. Meanwhile, the broader time frame chart for the asset reveals a fantastic increase in the coin’s futures open interest (OI), which is currently at $47.14 million, according to Coinglass data.
As an additional point of interest, the volume of derivatives today was $898.24 million. Rumors about a prolonged upward trajectory for the coin persist, particularly due to the previously discussed futures listing.
As previously observed, the CEX listing of AERGO’s futures contract sparked a price surge among market watchers. Supporters of the cryptocurrency market continue to closely monitor UXLINK for potential price movements in the future, with the futures listing also playing a role.
