Binance announced that it will allow trades with up to 20x leverage for FLOKI, which it opened on May 5th. The dates and details are as follows…
Binance launches trades for FLOKI with up to 20x leverage
The leading exchange announced that it listed FLOKI and PEPE on its platform yesterday evening. The transactions that started in the FLOKI/USDT, FLOKI/TUSD, PEPE/USDT and PEPE/TUSD pairs brought a double-digit rally in a short time. cryptocoin.comAs we reported, Binance suspended selected FLOKI, PEPE and SHIB trading pairs in a second announcement.
According to a new announcement, Binance will allow trades with up to 20x leverage for FLOKI. Trading under the USDⓈ-M 1000FLOKI perpetual contract begins today at 19:30.
Will FLOKI be able to compete with giants like SHIB, DOGE and PEPE after the latest developments?
The price action of big meme coins has turned green in the last 24 hours. The metrics of SHIB, FLOKI, and DOGE are also bullish, suggesting further bullishness.
However, FLOKI is trying to have a share of the pie with new exchanges, where it is listed until the latest Binance announcement. Price action has been bullish after being listed on Bitfinex, a major centralized exchange. Bitfinex stated in a May 3 tweet that it will list the meme coin soon.
Bitfinex will be listing the $FLOKI token! 🔥️#Bitfinex is an institutional powerhouse and one of the oldest and most respected #crypto exchanges.
This listing further legitimizes $FLOKI while making it easily accessible to industry movers and shakers. https://t.co/s6L2m8QWyS
— FLOKI (@RealFlokiInu) May 3, 2023
Meme coin enjoys the support of the crypto community as its positive sentiment remains relatively high. Confidence is also reflected in FLOKI’s chart as the MVR ratio is trending upwards. Also, network growth was high. This meant that more wallets were using FLOKI for transfer.
How about SHIB and DOGE?
On the other hand, competition among meme coins has been heating up with the rally in recent weeks. Other top coins like Dogecoin and SHIB were also setting their game as they recorded gains on the daily chart.
Data from CryptoQuant revealed that things are looking good for SHIB, suggesting a sustained price increase. Meme coin’s foreign exchange reserve has dropped recently, indicating less selling pressure. Moreover, SHIB’s MVRV Ratio also rose on May 3, suggesting that investors can expect the price of SHIB to increase.
DOGE’s metrics also gave a bullish idea. According to Santiment, demand in the derivatives market was high, as evidenced by the green Binance funding rate. In addition, DOGE’s open position was falling, according to Coinglass.
A decreasing open position means that the market has been liquidated and the prevailing price trend has come to an end. While the price of Memecoin fell last week, the drop in open interest gave hope for a trend reversal in the coming days.
Pepe Coin becomes biggest player with Binance listing
Speaking of the meme coin market, it should be noted that Pepe Coin has completed an additional 60% price rally with the Binance listing. With this latest move, PEPE has set the new ATH level of $0.000004354.
