In its recent announcement, cryptocurrency exchange Binance revealed that it has added this altcoin to its futures platform
Binance, the cryptocurrency exchange, has revealed its plans to introduce a new perpetual contract for the meme token Floki (FLOKI) on its futures platform. The contract, named 1000FLOKIUSDT Perpetual Contract, will enable users to trade with up to 20 times leverage against USDT.
Starting from today, May 6, 2023, at 19:30 Turkish time, the new contract will be available for trading on Binance’s futures platform. Users will have the flexibility to trade the contract around the clock, 24/7. Additionally, users can choose to trade the contract with various collateral assets like BTC, considering any applicable collateral deductions, using the Multi-Asset Mode.
Binance Futures is a highly popular and liquid platform for trading cryptocurrency derivatives. It provides a wide selection of contracts for different coins and tokens. With the introduction of the 1000FLOKIUSDT Perpetual Contract, more traders and users who are interested in this meme token, inspired by Elon Musk’s dog, are likely to be attracted to the platform.
Binance has cautioned users about the high risks associated with trading cryptocurrency derivatives and advised them to exercise caution and utilize proper risk management tools. FLOKI, which has faced difficulties in getting listed on Binance, currently has a market capitalization of $435 million and has experienced an 11% decrease in value over the past 24 hours.
The Floki Inu token was inspired by a tweet from Musk, where he mentioned that he would be welcoming a new Shiba Inu dog named Floki in June 2021.
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