Safe (SAFE) crypto token has experienced a notable price rally, rising over 70% within the past week. This substantial boost is attributed to the recent Binance news. The cryptocurrency exchange will introduce the SAFEUSDT perpetual contract on October 25, offering up to 75x leverage for traders.

Binance Introduces SAFEUSDT Perpetual Contract with 75x Leverage

According to recent Binance news, the exchange is expanding its range of leveraged trading options by adding the SAFEUSDT perpetual contract. This new product enables traders to participate with up to 75x leverage, significantly increasing the potential gains and risks. The crypto exchange team shared that the launch would occur on October 25 at 12:30 UTC, opening up more trading flexibility for users.

The SAFEUSDT perpetual contract is USD-margined, meaning users can trade using USDT as the settlement asset. This contract’s launch will enhance users’ experience by allowing higher-leverage trading on the Safe (SAFE) crypto token 24/7. 

Additionally, the perpetual contract will include a tick size of 0.0001, a standard format to facilitate seamless trading. The contract’s funding rate is capped at +2.00% or -2.00%, with funding fees settled every four hours to maintain trading equilibrium. These funding intervals help balance the pricing between long and short positions, accommodating the market’s volatility while minimizing trading disruptions.

In addition to high leverage, Binance is offering Multi-Assets Mode for the SAFEUSDT perpetual contract, which enables users to employ other cryptos as collateral. This approach, allows traders to use BTC and other eligible assets as margins. This feature will enhance liquidity and appeal to more users, especially those managing diversified portfolios.

SAFE Price Sees Major Uptick

Following the Binance news, SAFE Price has seen a considerable rally, with the token climbing over 70% within the past week. At the time of the announcement, SAFE Price was trading at $1.64, representing a 20% increase in the last 24 hours. With an 82.92% rise in trading volume, the asset has continued to attract attention from both new and existing holders.

Source: CoinMarketCap

Moreover, the SAFE token rally follows a recent listing on Upbit, one of South Korea’s major crypto exchanges. This listing and today’s Binance news have triggered a price rally to over 100% in the last month. SAFE has seen increased investor interest, with growing on-chain data indicating further buying pressure.

Similarly, another meme token, Moo Deng (MOODENG), saw a 90% price spike following its Binance futures listing with up to 75x leverage. Coupled with a capped funding rate of +2.00% / -2.00%, the listing drove MOODENG price to $0.1388 intraday.

The post This Crypto Token Extends Weekly Rally To 70% On Binance Futures Listing appeared first on CoinGape.

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Filed under: News - @ October 25, 2024 3:25 pm