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Unexpected Altcoin Explodes by 60% Daily Following Support From Binance: Details


TL;DR

  • Syscoin (SYS) surged over 60% after Binance listed the SYS/USDT perpetual contract.
  • The addition of new trading pairs on the platform often leads to significant price increases for supported cryptocurrencies.

The Binance Effect

The worldā€™s largest cryptocurrency exchange expanded the list of choices offered on Binance Futures to ā€œenhance usersā€™ trading experience.ā€ The new option includes the SYS/USDT perpetual contract, which allows a maximum leverage of up to 50x.

ā€œThe maximum funding rate of the aforementioned perpetual contract at the time of launch is +2.00% / -2.00%. The funding fee settlement frequency is every four hours,ā€ the announcement reads.

The option supports the Multi-Asset Mode, enabling users to trade the perpetual contract across multiple margin assets.

ā€œFor example, when the Multi-Assets Mode is activated, users can use BTC as margin when trading the aforementioned perpetual contract,ā€ the company clarified.

Binance warned that it may adjust the specifications of the newly included trading option ā€œfrom time to time,ā€ including its funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements.

The price of Syscoin (SYS) reacted positively to the exchangeā€™s disclosure, spiking by over 60% on a 24-hour scale. Currently, it trades at almost $0.17 (per CoinGeckoā€™s data), representing the highest level since early June.

SYS Price
SYS Price, Source: CoinGecko

Cryptocurrencies often experience substantial price rallies in the event of support from a major exchange like Binance. The move leads to boosted credibility, increased liquidity, improved investor sentiment, and other benefits.

Earlier this month, the firm listed Toncoin (TON), introducing the TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY trading pairs. The price of the altcoin spiked by over 10% after the announcement.Ā 

Further Support for This Popular Meme Coin

Binance has recently enforced numerous amendments on its platform. One of its latest is the addition of the BONK/BRL and NOT/EUR trading pairs on Binance Spot.Ā 

The company officially listed the meme coin Bonk Inu (BONK) in mid-December last year, adding the following trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY. In March, itĀ includedĀ BONK/USDC to that list.Ā 

The meme coinā€™s price remained relatively flat following the most recent support from Binance. On the other hand, it spiked substantially when the exchange initially embraced it.

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