Toncoin

Bonk

Mode

Daily

Syscoin

TL;DR 
<ul> 
 <li>Syscoin (SYS) surged over 60% after Binance listed the SYS/USDT perpetual contract.</li> 
 <li>The addition of new trading pairs on the platform often leads to significant price increases for supported cryptocurrencies.</li> 
</ul> 
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-08-binance_cb-13-jpg-data-wpel-link-internal-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Binance_CB-13.jpg" data-wpel-link="internal"></a></h2> 
<h2 id="the-binance-effect">The Binance Effect</h2> 
The world’s largest cryptocurrency exchange <a class="editor-rtfLink" href="https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-margined-sys-perpetual-contract-with-up-to-50x-leverage-c580a3bfd1624636849e277ac9b97a4f" target="_blank" rel="noopener" data-wpel-link="external">expanded</a> the list of choices offered on Binance Futures to “enhance users’ trading experience.” The new option includes the SYS/USDT perpetual contract, which allows a maximum leverage of up to 50x. 
<blockquote>
 “The maximum funding rate of the aforementioned perpetual contract at the time of launch is +2.00% / -2.00%. The funding fee settlement frequency is every four hours,” the announcement reads.
</blockquote> 
The option supports the Multi-Asset Mode, enabling users to trade the perpetual contract across multiple margin assets. 
<blockquote>
 “For example, when the Multi-Assets Mode is activated, users can use BTC as margin when trading the aforementioned perpetual contract,” the company clarified.
</blockquote> 
Binance warned that it may adjust the specifications of the newly included trading option “from time to time,” including its funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements. 
The price of Syscoin (SYS) reacted positively to the exchange’s disclosure, spiking by over 60% on a 24-hour scale. Currently, it trades at almost $0.17 (per CoinGecko’s data), representing the highest level since early June. 
<figure id="attachment_354558" aria-describedby="caption-attachment-354558" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/08/SYS-Price.png" data-wpel-link="internal"><img class="wp-image-354558" src="https://cryptopotato.com/wp-content/uploads/2024/08/SYS-Price.png" alt="SYS Price" width="583" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/SYS-Price.png 1053w, https://cryptopotato.com/wp-content/uploads/2024/08/SYS-Price-300x206.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/SYS-Price-1024x702.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/SYS-Price-768x527.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/SYS-Price-50x34.png 50w" sizes="(max-width: 583px) 100vw, 583px"></a>
 <figcaption id="caption-attachment-354558" class="wp-caption-text">
 SYS Price, Source: CoinGecko
 </figcaption>
</figure> 
Cryptocurrencies often experience substantial price rallies in the event of support from a major exchange like Binance. The move leads to boosted credibility, increased liquidity, improved investor sentiment, and other benefits. 
Earlier this month, the firm <a class="editor-rtfLink" href="https://cryptopotato.com/this-popular-altcoin-soars-10-daily-following-listing-on-binance-details/" target="_blank" rel="noopener" data-wpel-link="internal">listed</a> Toncoin (TON), introducing the TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY trading pairs. The price of the altcoin spiked by over 10% after the announcement.&nbsp; 
<h2 id="span-data-preserver-spaces-true-further-support-for-this-popular-meme-coin-span">Further Support for This Popular Meme Coin</h2> 
Binance has recently enforced numerous amendments on its platform. One of its latest is<a href="https://cryptopotato.com/important-binance-update-affecting-this-popular-meme-coin-details/" data-wpel-link="internal"> the addition</a> of the BONK/BRL and NOT/EUR trading pairs on Binance Spot.&nbsp; 
The company officially <a class="editor-rtfLink" href="https://cryptopotato.com/bonk-soars-100-daily-to-a-new-ath-after-binance-listing-market-cap-nears-2-billion/" target="_blank" rel="noopener" data-wpel-link="internal">listed</a> the meme coin Bonk Inu (BONK) in mid-December last year, adding the following trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY. In March, it<a class="editor-rtfLink" href="https://cryptopotato.com/important-binance-announcement-concerning-floki-and-bonk-traders/" target="_blank" rel="noopener" data-wpel-link="internal">&nbsp;included&nbsp;</a>BONK/USDC to that list.&nbsp; 
The meme coin’s price remained relatively flat following the most recent support from Binance. On the other hand, it spiked substantially when the exchange initially embraced it. 
The post <a href="https://cryptopotato.com/unexpected-altcoin-explodes-by-60-daily-following-support-from-binance-details/" rel="nofollow">Unexpected Altcoin Explodes by 60% Daily Following Support From Binance: Details</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Unexpected Altcoin Explodes by 60% Daily Following Support From Binance: Details

Table of Contents

CryptoPotato_News

Other articles published on Aug 19, 2024

Binance Resumes Full Operations in India After Securing FIU Registration and Paying $2.25M Fine

AMP Price Gains 12% & Market Cap Soars: Will Breakout Lead To A Rally

Shiba Inu Alert: Crucial Telegram Warning Issued to SHIB Community

Experts criticize IMF report

Ethereum’s Gas Fees Dive to Lowest Since Mid-2019 Amid Increased Layer 2 Transactions

Dogecoin Millionaire Who Made $10 Million with SHIB and DOGE Says He Is Buying this $0.034 Ethere...

Join our free newsletter for daily crypto updates!