Binance, the world’s leading cryptocurrency exchange, has announced the launch of PONKEUSDT perpetual contracts on November 4, 2024, at 12:30 UTC.
This significant announcement comes with support for up to 75x leverage, demonstrating the exchange’s confidence in the trading volume and market stability of the memecoin.
The announcement has had an immediate impact on PONKE’s market performance, with the token experiencing a notable surge in value.
The timing of this launch appears strategic, coinciding with increased market interest in alternative cryptocurrencies.
Current Market Performance
PONKE has shown remarkable market momentum following the announcement. The token’s current price stands at $0.5086, accompanied by a robust 24-hour trading volume of $76,820,489.
The market has responded positively to the news, with PONKE recording an impressive 10.82% price increase in the last 24 hours and a substantial 15.01% gain over the past week.
The token’s market capitalization has reached $279,578,422, based on a circulating supply of 550 Million PONKE.
Even more notably, PONKE briefly touched a high of 0.628 USDT, marking an 18.19% surge in 24 hours, according to Bitget market data.
Technical Specifications and Trading Details
The PONKEUSDT Perpetual Contract launch comes with detailed technical specifications designed to ensure efficient trading.
The contract features a tick size of 0.00001 and implements a capped funding rate of +2.00% / -2.00%, with funding fee settlements occurring every four hours.
Trading will be available 24/7, and the contract supports Multi-Assets Mode, allowing traders to use various cryptocurrencies as margin collateral.
This feature notably enables traders to use BTC as margin when trading the PONKEUSDT perpetual contract, subject to applicable haircuts, providing greater flexibility in trading strategies.
Risk Management and Future Adjustments
Binance has implemented a comprehensive risk management framework for the PONKEUSDT perpetual contracts.
The exchange maintains the right to adjust contract specifications based on market risk conditions, including modifications to funding fees, tick sizes, maximum leverage, initial margin, and maintenance margin requirements.
The funding rate schedule has been clearly outlined, with specific times set at four-hour intervals starting from the launch, maintaining the +2.00% / -2.00% maximum rate.
This structured approach to risk management demonstrates Binance’s commitment to maintaining market stability while offering new trading opportunities to its users.
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The ‘Binance Effect’ on Token Prices
Recent listings provide compelling evidence of this trend. The SANTOS token, associated with Santos Football Club, witnessed an extraordinary surge of 63.58% within 24 hours of Binance announcing its SANTOSUSDT perpetual contract launch scheduled for October 28, 2024.
Even more dramatically, Moo Deng (MOODENG) experienced an explosive growth exceeding 100% following its Futures listing announcement.
Similarly, PONKE’s recent addition to Binance Futures resulted in a swift 10.82% price increase, with the token touching 0.628 USDT and recording an 18.19% surge in just 24 hours.
Also read: Binance Lists GOAT/USDT Perpetual Contracts With 75x Leverage, Price Surges 23%