These Memecoins Are Rallying as Binance Futures Launches 25x Leverage Perpetuals

The futures trading arm of the world’s largest crypto exchange, Binance, has announced that it is expanding its offerings by adding several memecoins. Some of the tokens added include Tutorial (TUT), CreatorBid (BID), CZ’S Dog (BROCCOLI), Broccoli (BROCCOLI), Siren (SIREN), and Banana For Scale (BANANAS31). 

As a result of Binance’s announcement, these tokens have skyrocketed, some by triple digits, in the last 24 hours, per data from CoinMarketCap.

Noteworthily, Binance has differentiated the ticker symbols for CZ’S Dog and Broccoli with numbers and letters to avoid confusion among traders. Both memecoins were inspired by Broccoli, a dog owned by Binance founder and former CEO Changpeng Zhao (CZ). Therefore, CZ’S Dog is identified as BROCCOLI714, while Broccoli is named BROCCOLIF3B.

Binance Expands Futures Trading Offerings

According to Binance, these memecoins will have perpetual contracts with up to 25x leverage. Their maximum funding rate at the time of launch will be +2.00% / -2.00%, with funding fee settlement scheduled for every four hours.

“Based on market risk conditions, Binance may adjust the specifications of the aforementioned Futures contracts from time to time, which include the funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements,” Binance stated.

Binance will launch the perpetual contracts for TUT and BID on March 20 at 09:00 and 09:30 UTC, respectively. Meanwhile, those for BROCCOLI714 and BROCCOLIF3B will go live on March 21 at 09:00 and 09:15 UTC. The crypto exchange will launch contracts for SIREN and BANANAS31 on March 22 at 09:00 and 09:15 UTC.

The leading trading platform noted that perpetual contracts for these meme coins are already listed on the Binance Alpha market. Binance Alpha is a pre-listing token selection pool that showcases early-stage crypto projects with substantial growth potential. Binance will make the contracts available on its Futures Copy Trading within 24 hours of launch.

Memecoins Explode in Reaction

Each memecoin whose perpetual contract will be listed on Binance Futures has exploded, some more than others. The token that saw the highest surge in its price was BID. The asset jumped 216% from $0.030 to $0.095 in less than 24 hours. The surge also affected the memecoin’s market cap, which now sits at $24.13 million. At the time of writing, the token was still changing hands around $0.090.

TUT rallied by more than 145% from $0.024 to $0.059. At press time, the token had slightly corrected and was trading at $0.039. BROCCOLI714 surged 138% from $0.031 to $0.074 within three hours but was trading around $0.049 at the time of writing.

BROCCOLIF3B saw a 125% spike within a short time, moving from $0.011 to $0.025. At press time, the memecoin was trading around $0.020 after having fallen and risen again within the day. On the other hand, BANANAS31 and SIREN rose by 100% and 52%, respectively, before falling to their current trading prices of $0.004 and $0.058. 

These price surges come as the broader crypto market still struggles in a two-month decline, with many assets losing significant portions of their value.