Key Takeaways
- Binance now allows traders to trade Moo Deng (MOODENG) futures with 75x leverage.
- The market has seen price increases as a result of Binance’s introduction of meme currencies for futures trading.
- Over the last 30 days, meme coins have performed better than other cryptocurrency categories.
The price of MOODENG surged from $0.07 to $0.18 within a day following Binance’s announcement of its futures listing.
MOODENG, which allows futures trading with leverage up to 75x, was announced by Binance on October 25.
Additionally, Binance has extended futures trading to a number of additional meme coins this week. For example, after Binance offered Simon’s Cat (CAT) with the same leverage option, it saw a 62.5% increase on October 22.
Soon after, Binance allowed futures trading at 12.5x leverage, which resulted in a 76% price surge for Goatseus Maximus (GOAT).
This pattern demonstrates how Binance, the top cryptocurrency exchange, drives market volatility and liquidity.
With a daily trade volume of $12.75 billion, Binance is far ahead of Bybit and Crypto.com, which reported $4.07 billion and $3.92 billion, respectively, according to CoinRanking.
Similar to CAT and GOAT, Binance has made futures trading available for MOODENG, although spot trading is still not available.
Meme coins drive market expansion.
Memes have outpaced all other industries, showing a 15% growth over the last 30 days, according to Dune Analytics.
Second place goes to Bitcoin (BTC), which has increased 8% month over month. With a 7% increase, the non-fungible tokens (NFTs) come in third, probably thanks to ApeCoin (APE) and the excitement surrounding its recently introduced chain and bridge.
