VOXEL skyrockets 55% after major Binance announcement

The VOXEL price has increased by over 55 percent in the last 24 hours, reaching its highest level since mid-June.

The Voxies (VOXEL) token rose sharply on August 20 after the world’s largest cryptocurrency exchange Binance made a major announcement for Vovies. The Voxies token is the utility token and in-game currency of the free-to-play tactical role-playing game Voxie Tactics.

Voxie runs on the Polygon (MATIC) blockchain and provides the token reward system.

Binance news leads to increase in VOXEL price

Notably, Binance Futures announced the launch of the VOXEL perpetual contract. The VOXELUSDT contract, which offers up to 50x leverage, went live at 10:30 UTC on August 20. Binance Futures also listed the Base meme coin Brett (BRETT), which also triggered the meme coin’s price increase that day.

Binance noted that the USD Margined VOXEL Perpetual Contract will have a capped funding rate of +2.00%/-2.00% and will be settled in USDT stablecoin.

Investors responded positively to the news, sending VOXEL’s price sharply higher. After trading below $0.14 earlier in the day, VOXEL skyrocketed following Binance’s announcement, reaching highs of $0.27. While the altcoin has since pared back some of its gains, it is still trading around $0.22, up more than 55% at the time of writing.

VOXEL’s price is also up over 94% in the past week, with bulls recouping most of their losses since the $0.09 lows in May.

VOXEL’s significant gains on August 20 coincided with another significant development for the token: cryptocurrency exchange MEXC added trading support for VOXEL/USDT on August 19.