Binance to List Trending Memecoin, Price Surges 50%

A trending altcoin has recently gained significant attention following an announcement by Binance, which revealed plans to list a popular meme coin today.

The token, known as Degen (DEGEN), developed on Coinbase’s Layer-2 network, Base, has seen a remarkable 50% surge in price, now trading at $0.29.

This listing marks the first time a Base meme coin has been added to Binance, and the token will be available for trading on the exchange’s futures market starting at 11:30 UTC. Additionally, Binance users will be able to trade it with up to 75x leverage. This move is part of a broader trend of Binance adding more meme coins to its platform.

The coin’s price surge was accompanied by a dramatic increase in trading volume, rising by 131%, which indicates greater market participation. Such high volume suggests that the positive price movement could continue, though a drop in volume might signal a reversal.

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Furthermore, data from IntoTheBlock shows a rise in the Coin Holding Time for Degen, suggesting that investors are holding onto their assets rather than selling, which is seen as a bullish indicator for its price trajectory.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.