MOODENG Will Be Available On Binance Futures With 75X Leverage

MOODENG meme coin. (CoinGabbar)

JAKARTA - As the world's largest crypto exchange, Binance continues to expand its offering of meme coins in the spot market and futures to take advantage of the popularity of these tokens to strengthen its liquidity. On Friday, October 25, Binance officially announced the launch of Moo Deng (MOODENG), a Solana network-based meme coin inspired by the famous hippos from Thailand. This announcement caught the public's attention, because meme coins are known as high-risk instruments that are generally in demand by young traders.

GOODENG will be available on the Binance Futures platform starting at 17.00 WIB with leverage reaching 75 times. With this much leverage, traders can increase their potential profits significantly, but the risk of losses also increases. To stabilize transactions, Binance will complete this contract in USDT stablecoins.

In addition, Binance set a funding rate limit of 2% for OODENG, in order to keep the position costs under control. This funding level will be updated every four hours, providing more regular information for investors in formulating trading strategies.

Shortly after Binance's announcement, the price of OODENG jumped dramatically, recording an increase of 128.4% within 24 hours. CoinGecko data noted that the price of this token is now trading at around US$0.15 (Rp2,325), up from US$0.066 (Rp1,023) the day before.

This price spike phenomenon implies the high interest of investors in new meme coins that have the potential to make huge profits in a short time. In fact, last month, a trader reportedly succeeded in converting investment capital of US$800 (Rp. 12.4 million) to US$7.5 million (Rp. 116.2 billion) in four hours thanks to OODENG. An analysis from Arkham Intelligence shows that the trader started by buying a number of Solana (SOL) before exchanging it (swap) with MOODENG.