In a recent announcement, Binance revealed that HIPPO, a new cryptocurrency with a strong meme appeal, will be listed for trading on its platform starting today, November 13, at 12:30 UTC.
The crypto exchange giant disclosed that HIPPO would be available for trading on a USD-Margined perpetual contract, offering users up to 75x leverage on their trades. The listing is both regular and future.
The exchange will launch the HIPPO/USDT and 1000XUSDT Perpetual Contract This listing comes alongside support for Binance’s Multi-Assets mode, allowing users more flexibility in managing their positions.
HIPPO’s Price Action
Before this announcement, HIPPO’s price was holding steady at $0.012. However, once the Binance listing became public, HIPPO’s 24-hour trading volume shot up by an impressive 121%, highlighting the market’s excitement for the asset.
At press time, HIPPO’s price has jumped to $0.0238, giving it a market capitalization of approximately $238.78 million. This rapid rise signals strong market interest, likely fueled by HIPPO’s unique backstory and its appeal to a broad audience within the cryptocurrency community.
HIPPO’s origin story and branding are notable drivers of its appeal. Launched on the Sui blockchain, HIPPO was inspired by a well-known pygmy hippo named Moo Deng, who captured the internet’s attention and became a viral sensation as a meme.
Capitalizing on Moo Deng’s popularity, HIPPO brings a playful charm to the cryptocurrency market, similar to other meme coins. Yet, HIPPO also differentiates itself by committing to wildlife conservation efforts, with a portion of its profits designated to support endangered species. This philanthropic angle has attracted a following among investors interested in digital assets that aim to make a positive social impact.
Binance’s Faith on HIPPO
The launch of HIPPO with such high leverage availability underscores Binance’s confidence in the asset’s potential liquidity and trading volume. By allowing up to 75x leverage, Binance enables traders to significantly amplify their exposure, though it also increases the risks involved with such leveraged positions.
The addition of Multi-Assets mode for HIPPO on Binance further enhances its accessibility, as it permits users to hold different collateral types within their account, optimizing their margin and potentially hedging risks across multiple assets.
The debut of HIPPO on Binance highlights the crypto exchange’s ongoing strategy of supporting diverse assets, from high-profile cryptocurrencies to community-driven meme coins with charitable elements.
HIPPO’s entry into the market has sparked intrigue for its blend of humour, cultural references, and purpose-driven branding, potentially paving the way for more socially conscious meme coins in the future.
Given the current demand and volatility seen in HIPPO’s trading activity, its future in the market may depend on its ability to sustain user interest and maintain its philanthropic commitments.