Binance Introduces New Memecoin Perpetual Trading; Is It Worth Buying?

Binance, a leading global cryptocurrency exchange, has announced the forthcoming listing of MEME (Memecoin) for trading. This move comes on the heels of Memecoin’s successful debut on the Binance Launchpool, a platform dedicated to crypto staking.

As per the announcement, Binance is all set to start trading support for MEME and its spot trading pairs as of today, November 3.

The recently launched coin has sparked curiosity among investors and traders, stirring up speculations revolving around the Memecoin price.

Binance Facilitates Memecoin Trading

With Binance’s recent decision to jack up the coin’s market, the crypto giant ushers in trading for Memecoin starting today, November 3. According to Binance, the exchange will list Memecoin (MEME) and open trading for MEME/BNB, MEME/USDT, MEME/FDUSD, MEME/TUSD, and MEME/TRY spot trading pairs on 2023-11-03 08:00 (UTC).

In addition to this, the firm plans to enable TradingBots services for the MEME/USDT trading pair within 48 hours after the trading starts.

Binance proclaimed in its announcement that users are to enjoy zero maker fees on the MEME/FDUSD and MEME/TUSD trading pairs until further notices are issued by the exchange. Moreover, Binance Futures will launch the USDⓈ-M MEME Perpetual Contract at 2023-11-03 12:00 (UTC), with up to 50 times more leverage.

Also read: Tellor (TRB) Falls Victim Of A Twitter Phishing Scam, Price Drops

Memecoin Price Tumbles With Launch On Binance

As reported by Coingape Media the previous month, Memeland, a Web3 project, announced that the token sale of Web3 firm Memeland (MEME) hit $10 million in commitments the previous month, as per the data shared by Memeland.

However, the coin witnessed a substantial decrease in its price over the past seven days, slumping 20.05%. Moreover, the twenty-four-hour trading volume of the token witnessed 30% gains and currently standing at $560,292,893, with the market cap witnessing a fall of 11.58%, reaching $219,571,392. The current MEME price is $0.0249, with a 7.6% sink in the past twenty-four hours.

Although Memeland has once again announced that Airdrops and FireSale for MEME will be open for claim on 2023-11-03 at 07:30 (UTC), crypto enthusiasts are exceedingly eyeing the token, awaiting a better response from the community and the token’s price. Even with the recent listing of Memecoin and its trading pairs on Binance, the coin remains in a slump, indicating extreme volatility.

$MEME Price Consolidating Before the Next Leap

Source- Tradingview

A look at the hourly time frame chart shows the MEME price has been trading sideways since yesterday, projecting no clear dominance from buyers or sellers. However, the technical chart identifies this consolidation as the formation of a symmetrical triangle pattern.

The converging nature of this pattern is likely to result in a decisive breakout, which would trigger a directional trend. With an optimistic approach, a breakout above the overhead trendline will increase buying momentum and may set the memecoin for a 28% surge to hit the region around $0.0327.

However, a breakdown below the support trendline will spark a significant correction.

Also read: Whale Dumps $31 Mln In XRP To Exchanges, Nosedive Below $0.6?