Binance, a prominent cryptocurrency exchange, has recently made headlines with its latest update on the DeepBook token. The exchange announced the launch of a USD-Margined perpetual contract for the DEEP coin, triggering a bullish move in its price. DeepBook is a decentralized central limit order book built on Sui, with the protocol’s native token currently trading at $0.1255 after experiencing significant gains. The announcement of the DEEPUSDT perpetual contract has led to an increase in trading volume and price for the DEEP token, with the price surging over 30%.
The DEEPUSDT perpetual contract was launched on Binance on April 22, allowing users to trade with up to 50x leverage. The exchange aims to provide more choices for its users and attract more participants to the platform, solidifying its position as one of the top cryptocurrency exchanges globally. The capped funding rate for the DEEPUSDT perpetual contract was set at +2.00% / -2.00%, with the pair also available for “Futures Copy” trading, enabling inexperienced traders to follow experienced traders’ portfolios for better returns.
Following the announcement, the DEEP token’s trading volume surged by 1639% to $268.52 million, with its price reaching highs of $0.1827 briefly. Binance’s influence over the asset is evident from the significant uptrend in DeepBook’s price, underscoring the exchange’s impact on the market. However, the exchange cautioned users that the perpetual contract is subject to changes based on market risk factors, urging traders and investors to exercise caution before investing in the DEEP token.
In a related development, Binance also introduced trading for Balance (EPT) crypto, which saw a significant price crash despite initial support from the exchange. This incident has led market participants to be cautious about the price prospects of other tokens, including DEEP. Investors and traders are closely monitoring the coin’s performance, awaiting clear signals about future actions before making investment decisions. With the increasing popularity of cryptocurrency trading, staying informed about market developments and trends is crucial for making sound investment choices.
Overall, Binance’s launch of the DEEPUSDT perpetual contract has generated a positive response in the market, with the DEEP token witnessing a surge in trading volume and price. The exchange’s effort to expand its offerings and attract more users reflects its commitment to promoting market participation and innovation in the cryptocurrency space. As traders and investors continue to monitor the market dynamics, maintaining a cautious approach and staying informed about market developments is essential for navigating the fast-paced world of cryptocurrency trading.
