{"id":15541,"date":"2024-10-22T09:16:17","date_gmt":"2024-10-22T09:16:17","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15541"},"modified":"2024-10-22T09:16:17","modified_gmt":"2024-10-22T09:16:17","slug":"this-viral-meme-coin-explodes-by-65-following-support-from-binance-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15541","title":{"rendered":"This Viral Meme Coin Explodes by 65% Following Support From Binance: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

One viral meme coin surged substantially after Binance launched perpetual contracts for it.
\nThe exchange has been expanding meme coin services, recently listing Baby Doge Coin, Turbo, and Neiro.<\/p>\n

<\/a><\/span><\/h2>\n

A Double-Digit Spike<\/h2>\n

Meme coins are known for their enhanced volatility, recording substantial swings in both directions following <\/span>important<\/span> developments. The latest example solidifying that thesis is the price explosion of Simon\u2019s Cat (CAT).<\/span><\/p>\n

The meme coin, inspired by the eponymous animated series and launched on the Binance Smart Chain, witnessed a <\/span>65% rally on the daily, while<\/span> its market capitalization neared $250 million.
\n<\/span><\/p>\n

<\/a>CAT Price, Source: CoinGecko<\/p>\n

The surge <\/span>was fueled<\/span> by Binance\u2019s decision to <\/span>launch<\/span><\/a> 1000CATUSDT perpetual contracts <\/span>on<\/span> its <\/span>futures<\/span> program.<\/span> The offering went live on October 21 and allows up to 75x leverage. It supports the multi-assets mode, enabling users to trade the contract across numerous margin assets.<\/span><\/p>\n

\u201cFor example, when the Multi-Assets Mode is activated, users can use BTC as margin when trading the aforementioned perpetual contract,\u201d the company explained.<\/span><\/p>\n

Perpetual contracts allow traders to speculate on the price movements of a token without actually owning it. They don\u2019t have an expiration date and could <\/span>be held<\/span> indefinitely. While such contracts offer opportunities for significant rewards, the high leverage and constant exposure to liquidation make them inherently risky, especially for inexperienced traders.<\/span><\/p>\n

Binance and Meme Coins<\/span><\/h2>\n

The world\u2019s biggest crypto exchange has been quite open to the meme coin sector lately, adding various services involving such assets. <\/span><\/p>\n

Most recently, it <\/span>expanded<\/span><\/a> the list of options offered on Binance Spot by including trading bot services for PEPE\/FDUSD. The firm initially <\/span>embraced<\/span><\/a> the frog-themed coin in May last year.<\/span><\/p>\n

Last month, Binance <\/span>listed<\/span><\/a> three additional meme coins on its platform: Baby <\/span>Doge Coin<\/span> (BABYDOGE), Turbo (TURBO), and Neiro (NEIRO). Their prices skyrocketed shortly after the disclosure. NEIRO\u2019s spike was the most substantial, with its valuation exploding by 500% on a 24-hour scale.<\/span><\/p>\n

It is worth mentioning that Binance added the meme coins with seed tags. Tokens in that section represent \u201cinnovative projects that may exhibit higher volatility and risks\u201d than other listed assets. The exchange cautioned users to conduct proper due diligence before entering the ecosystem.<\/span><\/p>\n

The post This Viral Meme Coin Explodes by 65% Following Support From Binance: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR One viral meme coin surged substantially after Binance launched perpetual contracts for it. The exchange has been expanding meme coin services, recently listing Baby Doge Coin, Turbo, and Neiro. A Double-Digit Spike Meme coins are known for their enhanced volatility, recording substantial swings in both directions following important developments. The latest example solidifying that […]<\/p>\n","protected":false},"author":0,"featured_media":15542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15541"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15541"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15542"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}