Binance Sparks DeepBook (DEEP) Token Price Rally By 30% With This Update
Highlights
- Binance launches DEEPUSDT perpetual contract, fueling a price pump.
- However, traders are speculating if the pump could sustain, considering the dynamic nature of crypto.
- DEEP token's price was up over 30% to $0.1255.
Cryptocurrency exchange Binance has once again turned investors’ heads with its latest update on the DeepBook token. The centralized exchange giant announced that it is launching a USD-Margined perpetual contract for the abovementioned crypto this Tuesday.
DEEP coin’s price thus reacted by promptly extending its intraday gains to over 30%. DeepBook is a decentralized central limit order book (CLOB) built on Sui, with the protocol’s native token currently sitting at $0.1255 after witnessing gains.
Binance Launches DeepBook Perpetual Contract Triggering Bullish Move
Binance made an announcement on April 22 stating that it is launching the DEEPUSDT perpetual contract at 08:30 UTC. The platform’s massive user base can partake in this trade offering, enjoying up to 50x leverage while futures trading.
Primarily, the exchange has unveiled this new listing for its users as it looks to expand the choices offered on the platform, thereby magnetizing more market participants. In turn, the platform constantly cements its ranking as one of the top crypto exchanges across the globe.
The capped funding rate for DEEPUSDT perpetual contract was set at +2.00% / -2.00%. Further, the same pair will also be available for “Futures Copy” trading. This offering allows inexperienced traders to copy experienced traders’ investment portfolios to capitalize on returns, thereby paving the way for more market interaction with the asset.
CoinMarketCap’s data revealed that DEEP token’s trading volume also reacted positively, surging 1639% to $268.52 million. At the time of reporting, DeepBook’s price surged from a 24-hour bottom of $0.08707 to even hit $0.1827 briefly. This significant uptrend emerges in sync with Binance’s announcement, underscoring the exchange’s massive influence over an asset.
However, the announcement also notified users that the perpetual contract remains subject to changes based on market risk factors. Crypto market traders and investors are currently keeping the coin on their radars, awaiting clear signs about future actions before investing.
In another similar chronicle, CoinGape reported that Binance opened trading for Balance (EPT) crypto. However, EPT price has crashed nearly 73% despite major support from a CEX titan. In the wake of this saga, market participants exercise caution surrounding DEEP price prospects as well.
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