Binance Officially Launches Moo Deng (MOODENG), a Solana-Based Meme Coin Inspired by the Famous Hippos from Thailand

As the world's largest crypto exchange, Binance continues to expand its offering of meme coins in the spot market and futures to take advantage of the

World's largest crypto exchange Binance keeps on expanding its offering of meme coins in the spot market and futures to capitalize on the popularity of these tokens for boosting its liquidity. On Friday, October 25, Binance officially announced the launch of Moo Deng (MOODENG), a meme coin on the Solana network that was inspired by the famous Thailand hippos.

This announcement stole the public's attention, as meme coins are known as a high-risk instrument that is usually sought after by young traders.

GOODENG will be available on the Binance Futures platform starting at 17.00 WIB with a leverage of up to 75 times. With this leverage, traders can multiply their potential profits significantly, but the risk of losses will also increase. To stabilize the transactions, Binance will carry out this contract in USDT stablecoins.

Furthermore, Binance set a funding rate limit of 2% for OODENG, in an effort to maintain the position costs. This funding rate will be updated every four hours, providing investors with up-to-date information for formulating trading strategies.

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Following Binance's announcement, the price of OODENG skyrocketed dramatically, recording an increase of 128.4% in 24 hours. Data from CoinGecko noted that the price of this token is now trading at around US$0.15 (Rp2,325), up from US$0.066 (Rp1,023) the day before.

This price spike phenomenon shows the high interest of investors in new meme coins that have the potential to generate massive profits in a short time. In fact, last month, a trader reportedly managed to turn an investment capital of US$800 (Rp 12.4 million) into US$7.5 million (Rp 116.2 billion) in four hours thanks to OODENG. An analysis by Arkham Intelligence reveals that the trader began by purchasing a number of Solana (SOL) before swapping it with MOODENG.

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