Binance Futures has announced the addition of SLERFUSDT and SCRTUSDT perpetual contracts, offering traders up to 75x leverage.
The contracts will be available starting today, November 21st, 2024, at 11:30 UTC, aiming to expand trading options and enhance user experience. Following the announcement, both tokens experienced notable price surges, reflecting strong market enthusiasm.
SLERF Memecoin Gaining Traction
The SLERF token saw a dramatic 42% increase in value, trading at $0.4121 with a global market cap of $206.4 million. Its 24-hour trading volume surged by 177%, signaling heightened trader interest. SLERF’s growing popularity has been attributed to a shift in focus by meme coin whales and market makers, fueling the rally.
According to Coinglass data, SLERF futures open interest (OI) climbed 72% to $22.05 million, while derivatives trading volume jumped 133% to $175 million. These metrics indicate increased investor engagement, further supported by whale buying activity. Analysts believe the momentum could lead to continued price appreciation for the token.
SCRT’s Price Actions
Secret ($SCRT), the native token of Secret Network, also gained attention. After a 5% uptick, SCRT is trading at $0.3471 with a market cap of $102.26 million. Its 24-hour trading volume rose 85%, indicating robust investor demand.
Notably, SCRT has surged 70% in the past week, reaching a high of $0.5331. This reflects a growing global appetite for privacy-centric blockchain solutions. Secret Network, built on the Cosmos ecosystem, distinguishes itself by offering privacy-preserving smart contracts.
Unlike traditional blockchains where data is fully transparent, Secret uses advanced cryptographic techniques to maintain confidentiality while enabling secure computations.
The Secret Foundation attributes recent gains to the network’s innovative advancements, including its NewDeCC (Decentralized Confidential Computing) initiative, which has bolstered interest in privacy-driven technologies.
Market Momentum
Both SLERF and SCRT exemplify diverse trends driving the crypto market. While SLERF thrives on the memecoin phenomenon and whale interest, SCRT’s rise highlights the increasing demand for privacy-preserving technologies in the blockchain.
The addition of their perpetual contracts on Binance Futures is expected to further amplify trading activity and market visibility for these tokens.
As trading volume and on-chain metrics continue to rise, market participants remain optimistic about the future performance of SLERF and SCRT, making them assets to watch closely in the coming weeks.