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

According to the company notice, the Moo Deng-inspired meme coin remains as the underlying asset, while Tether becomes the settlement asset. Moreover, the capped funding rate set by the exchange at the time of the launch is 2.00%/-2.00%. Funding fees will be settled every four hours, providing traders with a consistent opportunity to manage their positions.

Meanwhile the tick size for the perpetual contract was set at 0.00001.

Not long after Binance Futures released the listing announcement, the MOODENG meme coin rose more than 100% based on data from crypto.news. The adorable pygmy hippo meme coin is trading hands at $0.16.

Currently, Moo Deng holds the 327 position in crypto.news rankings, with a market capitalization of $160,229,595.

Within the announcement, Binance makes a note that it might make adjustments towards the Futures contract at certain periods of time. These adjustments include possible changes made to the token’s funding fee, tick size, maximum leverage, initial margin and/or maintenance margin requirements.

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

First launched on the pump.fun platform on Sept. 11, the MOODENG meme coin quickly rose to popularity as the internet continues to be captivated by videos of its real-life counterpart, a pygmy hippo named Moo Deng that resides in a zoo in Thailand.

Moo Deng’s internet fame led to a significant spike in zoo visitors, doubling daily attendance numbers. Director of Khao Kheow Open Zoo, Narongwit Chodchoy, predicted that Moo Deng would bring the zoo more than $6.13 million by the end of the year.