Key Points
- Binance will launch futures trading for WHY and CHEEMS with up to 75x leverage.
- 1000WHYUSDT will launch at 11:30 and 1000CHEEMSUSDT will launch at 11:45.
Binance announced the launch of two futures contracts later today. Binance Futures will launch the 1000WHYUSDT Perpetual Contract at 11:30 and the 1000CHEEMSUSDT Perpetual Contract at 11:45.
Both contracts will be launched with up to 75x leverage, according to the exchange’s official announcement.
Binance has been launching futures contracts to expand users’ experience on the platform and to offer them more trading choices.
Following the exchange’s announcement, both coins experienced price drops.
WHY and CHEEMS Recorded Significant Price Drops
Ahead of Binance’s announcement, WHY was trading above $0.0638 and the coin dipped to $0.0624 levels after, down by 15% in the past 24 hours.
The coin’s market cap went from over $160 million to $100 million, after Binance announced its futures listing.
The coin’s price recorded an upward trajectory starting on November 19 until today, when its price dropped significantly. WHY’s current 24-hour volume is above $44.7 million.
WHY is the official Republican Elephant on BNBChain, according to the CTO X account.
CHEEMS’ price also dipped following Binance’s futures listing announcement earlier today.
CHEEMS’ market cap was around $255.9 million, and after the exchange announced the launch of its futures contract, it dropped to current levels of around $148 million. The coin’s price is down by over 23% in the past 24 hours.
CHEEMS’ 24-hour volume is currently at almost $119 million.
During the past week, CHEEMS also recorded an ascendant price trajectory that debuted on November 19, with its price peaking earlier today.
CHEEMS is another coin that went live on the BNB Chain and it is the image behind Cheems, the Shiba Inu dog, an Internet sensation.
After Binance announced the futures listing for both Perpetual Contracts for WHY and CHEEMS, the coins saw significant dumps, leading to their price drops.
