As Binance begins futures trading with 75x leverage, crypto traders and investors are watching WHY and CHEEMS tokens.
On Monday, the digital asset exchange behemoth Binance issued a critical update regarding the crypto tokens WHY and CHEEMS, which sparked substantial investor interest. Notably, the crypto exchange disclosed that it is initiating USD-margined perpetual contracts for these assets, which has sparked market optimism regarding the future price movement of the coins. Nevertheless, the current investor sentiments are uncertain, as the coins are trading in the red at the time of reporting despite the optimistic announcement.
Binance Unveils New Offerings for WHY & CHEEMS, Inspiring Conversations
On November 25, Binance officially announced that it would launch perpetual contracts for WHY and CHEEMS simultaneously. The crypto exchange is launching the 1000WHYUSDT perpetual contract today at 11:30 UTC, as stated in the announcement. The asset is poised to be traded with a maximum leverage of 75x by the platform’s massive user base.
Concurrently, the announcement disclosed that the exchange would introduce the 1000CHEEMSUSDT perpetual contract at 11:45 UTC on the same date. The asset can be traded with a maximum leverage of 75x by users on the platform. Additionally, the foremost cryptocurrency exchange disclosed that it would implement a “Multi-Assets Mode” for the above assets, providing users with enhanced liquidation management and risk mitigation opportunities. The announcement has generated optimistic sentiment regarding the tokens’ future price movements, which may facilitate an increase in investor engagement and money inflow.
How are the coins performing?
The cryptos defied the typical market sentiments and plunged into the red territory despite the optimistic futures listing announcement. WHY did the price plummet by nearly 11% intraday, and is it currently at $0.0000002554? The 24-hour low and high of the coin were $0.0000002337 and $0.0000003843, respectively.
Similarly, the price of CHEEMS plummeted by 30% intraday, trading at $0.0000007016, despite the listing. Its 24-hour low and peak were $0.0000006198 and $0.000001534, respectively. It is important to note that these declining actions have prompted investor concerns regarding the future value of the coins despite the launch of the perpetual contract.
Additionally, it is essential to note that analogous historical accounts were reported to positively influence tokens, which adds an additional layer of intrigue to the situation. The value of the Solana meme coin SLERF increased by 55% due to Binance’s futures listing.
Concurrently, the price of HIPPO experienced a significant increase due to its futures listing on the same exchange. The tokens are still being monitored by crypto market observers, who are still determining their future movements in light of these uncertain movements.
