On a Monday, Binance, one of the biggest cryptocurrency exchanges, made an announcement concerning the recently launched MELANIA meme coin. The exchange has made available a perpetual contract for this cryptocurrency which has already increased in price by 75%.
This announcement has drawn the global audience’s attention, resulting in market optimism.
Subsequently, traders and investors expect a further increase due to the support from one of the biggest exchanges concerning this Melania Trump-related crypto project.
Binance Unveils MELANIA Futures Contract Shortly After Token Launch
MELANIAUSDT perpetual contracts will be available starting January 20, 2023, at 09:30 UTC at Binance, its users will have 25x leverage on the trading. The capped funding rate for this perpetual USDT contract is set for +2.00% / -2.00%. This step is a part of Binance’s efforts to tap into new markets.
Melania, the meme coin, drawn from the name of the Former First Lady of the USA, has enjoyed tremendous attention just like the Official Trump Token.
n fact, within CoinGape, there was a report about the increase in the trading activity after the launch of the coin. Melania Trump inaugurated the coin by making a post regarding it on X.
Though things seem to be flowing in a positive manner, one Blockchain Tracking Data Analysis site known as Bubblemaps raised some concerns regarding the coin’s tokenomics since 89% of the coin’s supply is sitting idly in a wallet.
Coin’s Price Pumps Over 75%, More Steam Ahead?
After Binance announced the MELANIA coin listing, the price of the coin increased by 75% and was set at $12.89.
During the day the trading range was set at $6.62 – $13.73. Market experts believe the coin will benefit from the increased exposure post the Binance listing.
Furthermore, the bullish sentiment surrounding this new token coincides with Arthur Hayes’ expectation of a political memecoin market era.
Though the sentiment continues to be extremely bullish, market participants remain guarded, owing to the instability characteristic of the cryptographic market.
