Binance Futures has announced the launch of the $DEGENUSDT perpetual contract, scheduled to go live on November 15, 2024, at 11:30 UTC.
This new listing will allow traders to leverage their positions by up to 75x. Notably, Binance has yet to list $DEGEN for spot trading.
Just In: Binance Futures will launch the DEGENUSDT Perpetual Contract at 2024-11-15 11:30 (UTC) with up to 75x leverage. Binance has not yet listed its spot trading pairs. Degen is a token on the Base chain, originally a reward token for participants in the Farcaster Degen…
— Wu Blockchain (@WuBlockchain) November 15, 2024
$DEGEN is a token native to the Base blockchain, initially introduced as a reward for participants in the Farcaster Degen channel. The announcement of the perpetual contract triggered significant activity in the $DEGEN market. Shortly after the news, a prominent whale sold 6.43 million $DEGEN for 70.78 ETH, equivalent to $219,000.
This whale had originally acquired 140.71 million $DEGEN tokens between April 8 and May 10, spending 934 ETH (approximately $3.42 million) at an average price of $0.0243 per token. After holding their position for over six months, the whale capitalized on the recent price increase, securing a profit of $790,000.
After #Binance announced the listing of $DEGEN perps, a whale sold 6.43M $DEGEN for 70.78 $ETH($219K).
Between April 8 and May 10, the whale spent 934 $ETH($3.42M) to buy 140.71M $DEGEN at an average price of $0.0243.
After holding for more than 6 months, the whale finally… pic.twitter.com/liPWVLG4cv
— Lookonchain (@lookonchain) November 15, 2024
Wintermute Adjusts $DEGEN Holdings
Meanwhile, Wintermute, a leading market maker, has been adjusting its $DEGEN holdings. Earlier in the week, the firm reduced its position to below 100 million tokens.
However, following the token’s price surge, Wintermute has significantly increased its holdings once again, indicating renewed confidence in $DEGEN’s future potential.
At the beginning of the week, Wintermute reduced its $Degen positions to under 100 million. Now, despite the new rise in the price, they have significantly increased their holdings again.
Draw your own conclusions…$DEGEN @degentokenbase pic.twitter.com/2Nj6kGqoCe
— COVVBOY 🤠 (@spacecowboy_nft) November 14, 2024
With the upcoming launch of the $DEGENUSDT perpetual contract on Binance Futures and the shifting dynamics among large holders, market participants are closely watching $DEGEN’s next moves.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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