Cryptocurrency exchange Binance on Monday issued an important announcement for the recently launched MELANIA meme coin, garnering substantial attention globally. The exchange revealed that it is launching a perpetual contract for the mentioned crypto, sparking market optimism amid a 75% price rally already taken by the asset. As a response, traders and investors now anticipate a sustained rally as one of the top exchanges extends support to the Melania Trump-related crypto project.

Binance Unveils MELANIA Futures Contract Shortly After Token Launch

According to an official Binance announcement dated January 20, the crypto exchange is launching the MELANIAUSDT perpetual contract at 09:30 UTC. Further, the platform’s enormous user base remains poised to enjoy 25x leverage trading the asset.

This mover by the crypto exchange falls in line with the platform’s efforts to tap into emerging markets. Also, it’s worth mentioning that the capped funding rate set by the exchange was at +2.00% / -2.00%.

Notably, the Melania meme coin has recently emerged as the talk of the crypto town, reflecting a similar approach to the recently launched Official Trump token. Former first lady of the U.S., Melania Trump posted on X about the launch of the meme coin.

The Official Melania Meme is live!

You can buy $MELANIA now.  https://t.co/8FXvlMBhVf

FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6

— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025

While these chronicles aided the token in gaining significant traction, CoinGape reported that the MELANIA meme coin launch stirred huge trading activity. Overall, the abovementioned developments have aided the crypto project in securing a prominent spot on traders’ and investors’ radars.

However, blockchain data tracker Bubblemaps’ recent X post has revealed that the new coin’s tokenomics seem suspicious. Notably, 89% of the coin’s supply is still in one wallet and hasn’t been split, contrary to what the token’s website shows.

Coin’s Price Pumps Over 75%, More Steam Ahead?

After the Binance listing news, MELANIA price extended the upside run to 75% to trade at $12.89. The coin’s intraday low and high were $6.62 and $13.73, respectively. Notably, market watchers remain bullish on the asset’s future movements as futures listing on Binance, one of the leading crypto exchanges, significantly enhances the coin’s market visibility.

Simultaneously, it’s also noteworthy that the new token launch aligns with Arthur Hayes’ prediction of a political memecoin market era. Overall, the current sentiment around such tokens remains highly bullish, although market participants remain apprehensive, given the dynamic nature of the broader crypto realm.

The post Binance Update On MELANIA Sparks Optimism Amid 75% Pump, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 20, 2025 9:27 am