Binance Launches MBOX Perpetual Contract, Altcoin Price Skyrockets!

As you have been following on Kriptokoin.com, crypto exchanges continue to update their lists. Especially Binance attracts attention with its listings

Cryptocurrency exchange Binance has announced the launch of MBOX Perpetual Contract with up to 75x leverage on Binance Futures.

The announcement comes as Binance continues to expand its trading options, having launched over 14 futures pairs in August.

"To expand the trading options available on Binance Futures and enhance users’ trading experience, Binance Futures will launch the MBOXUSDT Perpetual Contract with leverage up to 75x on 08/28/2024 at 12:30 PM PT," the exchange said in a statement.

With the launch of the MBOX Perpetual Contract, Binance aims to provide users with greater flexibility and depth in their trading strategies.

Perpetual contracts are a type of derivative that allows traders to speculate on the future price of an asset without having to own the underlying asset.

The MBOX token, which powers the metaverse game Miniverse, has seen a surge in interest following Binance's announcement.

According to data from CoinGecko, the MBOX token price spiked by nearly 19% after the exchange's announcement, while the token's trading volume also surged by a remarkable 105%.

At the time of writing, MBOX was trading at $0.186, showing a significant gain amidst the overall market downturn.

The cryptocurrency market is experiencing a downturn on Wednesday, with Bitcoin failing to hold the $60,000 level and losing significant altitude.

While most altcoins are also following suit, some tokens are managing to stay afloat in the green zone.