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Binance Launches DOGE Perpetual Contract With 75x Leverage
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Binance Futures, the derivatives trading platform by Binance, is set to expand its offerings with the launch of a USDC-margined DOGE Perpetual Contract on January 18, 2024, at 10:00 a.m. UTC. This new trading option will provide users with the opportunity to execute their Dogecoin (DOGE) trades with up to 75x leverage.
About Binance Futures’ DOGEUSDC Perpetual Contract
The USD-M DOGE Perpetual Contract will be settled in USDC and boasts a tick size of 0.00001. Whilst, with a capped funding rate of +0.3750%/-0.3750%, funding fee settlements will occur every eight hours, according to the latest announcement. Trading on the DOGEUSDC Perpetual Contract will be available 24/7 to cater to the global nature of the cryptocurrency market.
Furthermore, one notable feature is the Multi-Assets Mode. It will enable users to trade the DOGEUSDC Perpetual Contract across multiple margin assets. This feature enables traders to use various assets, such as Bitcoin (BTC) as margin when engaging in transactions, subject to applicable fees.
Moreover, it’s worth noting that to incentivize adoption, Binance Futures is offering a 10% promotional trading fee discount on all trades related to USDC-margined futures contracts. The discount will be available until April 3, 2024, at 12:30 a.m. UTC.
This move broadens trading choices on Binance Futures and the discount makes the DOGEUSDC Perpetual Contract even more attractive. Whilst, Dogecoin traders are eagerly anticipating the launch of the USDC-margined DOGE Perpetual Contract to grab potential trading opportunities.
However, users should remain vigilant, as Binance reserves the right to adjust contract specifications based on market risk conditions. This could impact various factors like funding fees, tick size, maximum leverage, initial margin, and maintenance margin requirements.
Also Read: Binance Adapts URLs Amidst Indian Regulatory Scrutiny
Dogecoin Price To Fall Below $0.080?
Dogecoin, the most popular meme crypto, has registered significant declines this week. DOGE is currently trading near the $0.080 mark and the crypto might fall below it, considering the recent bearish turn. At press time, the DOGE price fell by 0.46% to $0.08058 on Wednesday, January 17.
The meme coin’s market cap stood at $11.49 billion, down by 0.46%. On the contrary, the trading volume surged by 19.86% to $324.95 million. Earlier, the crypto witnessed an upswing last week after Elon Musk reaffirmed his support for DOGE by revealing that he still holds a substantial share of the crypto.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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