DEGEN Crypto rallies over 40% on the back of Binance’s Perpetual Contract Launch

• DEGEN crypto rallied over 40% on the back of Binance’s latest announcement.
• Binance exchange unveiled the addition of a DEGENUSDT (USD-Margined) perpetual contract on November 15
• DEGEN crypto was trading at $0.029191 with a 24-hour trading volume of $42,67,03,911, according to CoinMarketCap.

The crypto market witnessed an electrifying surge as DEGEN crypto achieved a significant milestone, bolstered by Binance’s latest announcement. The leading cryptocurrency exchange unveiled the addition of a DEGENUSDT (USD-Margined) perpetual contract on November 15, marking a turning point in the token’s market trajectory.

The announcement, coupled with innovative trading features and heightened investor interest, has propelled DEGEN into the spotlight, with its price skyrocketing by an impressive 46% in just a day.

Why is DEGEN crypto rallying?

As per the official Binance release, trading for the DEGENUSDT perpetual contract commenced on November 15 at 11:30 UTC. The contract allows users to trade the asset with up to 75x leverage, providing traders with greater exposure to market fluctuations.

In a bid to enhance user experience, Binance also rolled out its Multi-Assets Mode for DEGEN, enabling traders to manage risk flexibly by using multiple assets as collateral. Notably, the funding rate is capped at +2.00% / -2.00%, ensuring stability amidst volatile trading conditions.

The exchange underscored its commitment to market security, indicating potential adjustments in key parameters—such as leverage, margin requirements, and funding rates—based on evolving market risks. This strategic listing appears to have catalyzed positive sentiment across the crypto ecosystem, sparking a bullish rally for DEGEN.

DEGEN Price Prediction

Following Binance’s announcement, DEGEN price surged 46%, reaching $0.029191 at the time of writing. The coin’s daily trading volume spiked by 137% to $411.77 million, signaling robust investor activity. Intraday highs hit $0.03272, with the price consistently outperforming market expectations.

Further data reveals a significant uptick in the token’s derivatives market with the Futures open interest (OI) jumped 43% to $37.58 million with the Derivatives trading volume soaring by 153% to $125.94 million. These numbers underscore an influx of trader interest, positioning DEGEN as a standout performer in the volatile crypto market.