Binance launches MOODENG on USDT Perpetual Contract

Users can now trade the MOODENG meme token on Binance in the form of the MOODENGUSDT Perpetual Contract with up to 75x leverage.

On October 25 at 10:00 UTC, Binance Futures announced that it has expanded its listing to include Solana-based meme coin MOODENG(MOODENG) via the MOODENGUSDT Perpetual Contract.

Tether is becoming the consensus asset, while the Moo Deng-inspired meme coin remains the underlying asset, the company announced. Additionally, the cap funding rate set by the exchange at launch is 2.00%/-2.00%. Funding fees will be determined every four hours, providing investors with a consistent opportunity to manage their positions.

Meanwhile, the approval size of the permanent contract was set to 0.00001.

Shortly after Binance Futures released its listing announcement, the MOODENG meme coin surged more than 100%, according to crypto.news data. The cute pygmy hippo meme coin is trading at $0.16.

Currently, Moo Deng is ranked 327th on crypto.news with a market cap of $160,229,595.

In the announcement, Binance states that it may make adjustments to Futures contracts at certain periods. These adjustments include possible changes to the token’s funding fee, confirmation size, maximum leverage, initial margin and/or maintenance margin requirements.

Users can also use the multi-asset mode to trade multiple margins of the MOODENGUSDT perpetual contract. This means users can use Bitcoin or other currencies as margin when trading the MOODENGUSDT perpetual contract.

First launched on the Pump.fun platform on September 11, the MOODENG meme coin quickly gained popularity as the internet continued to be fascinated by videos of its real-life counterpart, Moo Deng, a pygmy hippo living in a zoo in Thailand. .

Moo Deng’s internet fame led to a significant increase in the number of visitors to the zoo, doubling the number of daily visitors. Narongwit Chodchoy, director of Khao Kheow Open Zoo, predicted that Moo Deng will bring more than $6.13 million in revenue to the zoo by the end of the year.