• Crypto & Funx
• 13 Dec, 2024

Binance to expand its futures market with MOODENG (Moo Deng), offering up to 75x leverage for traders.

The company has set MOODENG's funding rate cap at 2% to manage holding costs and ensure stability.

Buoyed by the news, the meme coin surged over 128% within 24 hours.

Binance has been steadily the number of meme coins available on its spot and futures markets, aiming to capitalize on the popularity of these tokens to boost its already large liquidity. On Friday, October 25, the crypto giant announced support for Moo Deng (MOODENG), a Solana-based meme coin inspired by a famous Thai hippopotamus.

According to the , MOODENG will be listed on Binance Futures at approximately 10:00 UTC with up to 75x leverage. Once launched, the contract will be settled with the USDT stablecoin.

Binance Caps Moo Deng (MOODENG) Funding Rate at 2%

The new contract features a tick size of 0.00001 and a capped funding rate of 2% to ensure a controlled cost of holding positions. Additionally, the funding fee settlement frequency is set for every four hours, giving traders regular updates to help them make informed investment decisions.

Binance noted that the perpetual contracts support “multi-asset mode,” allowing investors to trade MOODENG/USDT across different margin assets, subject to applicable haircuts. This feature enables traders to use multiple assets, like Bitcoin and Ethereum , as collateral for MOODENG trades.

However, it is important to note that Binance reserves the right to adjust contract terms as needed to manage market risks.

“Based on market risk conditions, Binance may adjust the specifications of the aforementioned futures contract from time to time, including funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements,” the company stated.

MOODENG Blows Up Following Binance Announcement

Following the Binance listing news, MOODENG rose 128.4% within 24 hours, continuing its weekly trend of positive returns. Data from CoinGecko shows the meme coin is currently valued at around $0.15, up from $0.066 on Thursday.

Since its launch, the token has continued to reward its investors. Last month, on September 10, a crypto trader reportedly turned an $800 investment into a staggering $7.5 million within four hours.

The trader, initially spotted by blockchain analytic firm Arkham Intelligence, purchased only six Solana tokens worth around $800 to buy the meme coin ahead of its launch.

Despite the impressive returns, the trader faced accusations of insider trading from members of the crypto Twitter community, who suspect that the yet-to-be-identified individual may be an insider or team member with privileged information.

Meanwhile, this is not the first time a crypto trader has cashed out millions from modest investments. Earlier this week, a crypto investor cashed out $1.7 million from a $668 investment in the Flavia meme coin. Blockchain analytics firm Lookonchain said the trader made the outrageous gains of 2,693x return within just 10 hours of investment.