Binance Lists DEGEN Perpetual With 75x Leverage, Price Jumps 42%

Binance has announced a significant addition to its derivatives offerings with the launch of the DEGENUSDT perpetual contract, scheduled for November 15, 2024, at 11:30 UTC. 

This new financial instrument comes with substantial leverage capabilities, allowing traders to access up to 75x leverage on their positions. 

The contract’s technical specifications reveal important details for traders: it uses USDT as the settlement asset, implements a four-hour funding rate settlement frequency, and maintains a maximum funding rate range of +2.00% to -2.00%. 

These specifications demonstrate Binance’s commitment to providing sophisticated trading instruments while maintaining controlled risk parameters.

DEGEN Token Performance and Market Impact

The announcement has catalyzed remarkable market movement for the DEGEN token, which is currently trading at $0.02889. 

The token has experienced exceptional growth, recording a 41.57% increase in just 24 hours and an impressive 266.11% surge over the past week. 

With a substantial circulating supply of 17 billion DEGEN tokens, the project has achieved a significant market capitalization of $496,133,243. 

The dramatic price appreciation and high trading volume of $385,588,467 in the past 24 hours reflect strong market interest and potential speculative activity following the Binance listing announcement.

Additional Strategic Listings and Market Effects

Binance’s recent listing activities extend beyond DEGEN, demonstrating the exchange’s continued expansion of trading options. 

The platform announced the addition of the NEIRO/USDC trading pair to Binance Spot, which has driven NEIRO’s price up by 4.41% to $0.002481, with a weekly gain exceeding 18% and a market cap reaching $1.05 billion. 

Additionally, the exchange introduced HIPPO token trading with similar leverage options (75x) on USD-Margined perpetual contracts, resulting in a remarkable 70% price surge. 

These successive listings highlight Binance’s significant influence on token valuations and market dynamics, while also showcasing the exchange’s strategy to diversify its trading offerings.

Legal Challenges and Industry Impact

While Binance continues to expand its trading offerings, the exchange faces significant legal challenges. FTX’s bankruptcy estate has initiated an extensive legal campaign, filing 23 lawsuits against major cryptocurrency industry players. 

The most notable action targets Binance and its former CEO Changpeng Zhao, seeking substantial damages of $1.76 billion. 

This legal offensive also encompasses other prominent entities, including Anthony Scaramucci’s SkyBridge Capital, Crypto.com, and the Mark Zuckerberg-supported lobbying group Fwd.us. 

These legal developments represent a significant challenge to Binance’s operations and highlight the increasing regulatory and legal scrutiny facing major cryptocurrency exchanges.