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.

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.