The price of Ponke ($PONKE), a meme coin built on the Solana blockchain, spiked by 19% after Binance announced its support with a new futures listing. Scheduled to launch on November 4, 2024, the USDⓈ-Margined PONKEUSDT Perpetual Contract on Binance Futures will provide users with up to 75x leverage, presenting enhanced trading opportunities for PONKE investors and fueling market enthusiasm around the asset.
PONKE Price Rises as Binance Introduces High-Leverage Futures Trading
According to Binance's announcement, the PONKEUSDT perpetual contract is set to go live on November 4 at 12:30 UTC, offering traders 24/7 access to 75x leveraged trading. Key specifications include a tick size of 0.00001 and a capped funding rate of ±2.00%, with funding fees settled every four hours. Binance's Multi-Assets Mode will also allow traders to use Bitcoin as collateral, adding flexibility for margin trading. Importantly, Binance reserves the right to adjust key contract parameters, such as leverage, funding rates, and tick size, to align with prevailing market risks.
Ponke, built on Solana's high-speed, low-cost blockchain, caters to online traders and the gaming community. With unique tokenomics and widespread accessibility through major exchanges, PONKE has gained traction among meme coin enthusiasts. A dedicated "#ponkyarmy" community further enhances PONKE's appeal, driving engagement through governance roles and a strong social media presence.
PONKE Trading Volume and Market Momentum Rise
Following Binance's listing announcement, PONKE's price rose by 19% to $0.49, after recording a daily low of $0.43 and a high of $0.56. Trading volume spiked to $77 million over 24 hours, underscoring increased market interest. PONKE's current market cap sits at $274 million, reflecting its position as a notable meme coin within the Solana ecosystem. Data from Coinglass also shows a rise in open interest for PONKE, suggesting market optimism and potential for further price gains.
Launched in late 2023 with a total supply of 555 million tokens, PONKE reached an all-time high of $0.70 four months ago. The coin's deflationary burn mechanism and community-centered approach contribute to its appeal, attracting both meme coin aficionados and investors interested in Solana-based assets.
Can PONKE Sustain Its Rally?
While PONKE's current price surge reflects heightened investor interest, the sustainability of this rally remains uncertain. Crypto markets are highly volatile, and PONKE’s price may fluctuate in response to future developments or adjustments in Binance’s contract specifications.
As always, investors should conduct thorough research before investing. The crypto market is inherently speculative, and opinions from experts may vary. Crypto Wolf aims to provide valuable insights to aid in informed decisions for trading, staking, and investing in the dynamic world of cryptocurrency.
