Melania Trump's crypto coin soared to as high as 76% after Binance announced it will be providing trading support for USDT-base perpetual contracts for MELANIA

MELANIA (MELANIA) is being launched on Binance through USDT (USDT)-based perpetual contracts with leverage of up to 25x.

Melania Trump’s crypto coin soared to as high as 76% on Friday after Binance announced that it will be providing trading support for USDT-base perpetual contracts for MELANIA (CRYPTO: MELANIA).

Binance is set to launch MELANIA (MELANIA) on its platform through USDT (USDT)-based perpetual contracts with leverage of up to 25x. The meme coin contracts will become available on the major crypto exchange’s platform on Jan. 20, 2025, at 09:30 UTC. This launch comes just two days following the debut of Binance’s TRUMPUSDT perpetual contracts on Jan. 18.

In a recent announcement published on Jan. 20, Binance said it will settle the contract in USDT with a tick size of 0.001. The maximum financing rate established for MELANIAUSDT perpetual contracts will be +2.00% and -2.00%. The funding fee calculation frequency is set to occur every four hours.

Following the announcement from Binance Futures that it will be launching USDT-based contracts for MELANIA on its platform, the meme coin surged up to 76%, increasing in value from $12.59 to $13.06 in a matter of minutes. However, it has since slowed down.

Just minutes prior to Binance’s announcement, other exchanges, including Bitget and ByBit, also released perpetual contracts for both the MELANIA meme coin and TRUMP (TRUMP).

Since its launch, the meme coin, which is inspired by the incoming first lady, has managed to accumulate a trading volume of over $40 billion and a fully diluted valuation of nearly $60 billion. At the time of writing, the Melania meme coin market cap stands at $1.8 billion, which has increased by $300 million since Binance Futures announced the release of its perpetual contracts.

Meanwhile, TRUMP’s market cap remained largely unchanged at $11.7 billion, according to data from crypto.news. The Donald Trump official meme coin has already lost as much as $7.5 billion due to crashing after MELANIA was launched.

According to data from Arkham, one trader was able to turn $680,000 worth of Solana into $30.4 million by purchasing 5.203 million MELANIA the second minute after MELANIA’s debut, buying the tokens at a price of $0.13. He still has around 2.5 million MELANIA tokens, which are now valued at around $30 million.

This article does not contain investment advice. Please conduct your own research before making any investment decisions.