Binance Introduces GOATUSDT Contract with Up to 75x Leverage Amid Meme Coin Surge

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Binance Introduces GOATUSDT Contract with Up to 75x Leverage Amid Meme Coin Surge

Binance has launched a new perpetual contract for the meme coin Goatseus Maximus (GOAT), with traders able to leverage their position up to 75 times. This is happening even though meme coin markets have recently attracted investors’ attention with the popularity of humorous but volatile tokens.

Binance released a press release on October 24 stating that GOATUSDT, the perpetual contract, will be settled in USDT (Tether), with a tick size of 0.0001. Traders can monitor and adjust their positions close to zero, thanks to a capped funding rate of +2.00%/-2.00% and feeding fees settled every 4 hours.

GOATUSDT Contract Taps Into Meme Coin Craze with Goatseus Maximus

GOATUSDT contracts are linked to Goatseus Maximus, a meme token on the Solana blockchain. It’s also piqued the interest of music fans for its involvement with the AI bot Terminal of Truths, which supports GOAT. According to the absence of traditional venture capital backing, the token has experienced remarkable growth, partly thanks to a $50,000 Bitcoin donation from billionaire Marc Andreessen to the Terminal of Truths, which indirectly piqued token interest.

https://twitter.com/pmarca/status/1810813293805851044

In addition to launching the new contract, Binance will also roll out a multi-assets mode, enabling traders to use multiple margin assets, including Bitcoin, when trading GOATUSDT. This feature aims to enhance liquidity and provide traders on the crypto leverage trading platform more flexibility in managing their margin strategies.

After Binance’s announcement, GOAT’s price grew by 25 percent to $0.84 as traders and enthusiasts responded to Binance’s latest offering. As interest in meme coins remains unabated, Binance’s new leverage product might extend pressure on markets around the asset.

Binance’s approach in ensuring that it profits from these trends, as the meme coin mania appears to be far from over, shows no stopping the momentum for the global cryptocurrency space. Entering the volatile meme coin market and trading opportunities with high leverage will attract more traders to the introduction of the GOATUSDT contract.

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