Web3 🌒 Saturday Roundup: Binance Futures Expands Offerings, Dogecoin Futures Open Interest Surges, Solana Wallets Eligible for Jupiter Airdrop, Ripple Executive Criticizes SEC Approach
1/ 💼 Binance Futures Launches BEAMX Perpetual Contract.
2/ 🔥 Dogecoin Futures Open Interest Reaches 7B DOGE.
3/ 🚀 Solana Ecosystem Receives Major Boost with Jupiter Airdrop.
4/ 🧐 Ripple Executive Points Out SEC's Shortcomings.
For further details, let's keep reading! 👇
Welcome to today's Web3 news update!
In today's cryptocurrency news, Binance Futures Expands Offerings, Dogecoin Futures Open Interest Surges, Solana Wallets Eligible for Jupiter Airdrop, and Ripple Executive Criticizes SEC Approach.
Stay tuned for more detail!
1/ Binance Futures Launches BEAMX Perpetual Contract. 💼
Binance Futures is expanding its trading options with the introduction of the USDⓈ-M BEAMX Perpetual Contract, offering traders up to 50x leverage and 24/7 trading with USDT as the settlement asset. This new contract features a tick size of 0.000001, a capped funding rate of +2.00% / -2.00%, and the Multi-Assets Mode, allowing the use of multiple margin assets like BTC for trading. With the addition of the BEAMX Perpetual Contract, Binance Futures continues to provide its users with diverse and sophisticated trading options to capitalize on the ever-evolving cryptocurrency market.
Haseeb Shaheen
2/ Dogecoin Futures Open Interest Reaches 7B DOGE. 🔥
Dogecoin (DOGE) futures open interest has skyrocketed 40% in the past 24 hours, reaching its highest level since April, indicating increased risk-taking among traders and potentially signaling a reversal in the broader cryptocurrency market trend. This sharp rise in open interest, currently valued at $600 million, suggests that traders may be placing large bets on DOGE's future price, anticipating further gains or hedging against potential losses.
The surge in Dogecoin futures activity coincides with a 12% price increase on Thursday, fueled by the news of a planned space mission to send a physical Dogecoin token to the moon. However, some traders caution that such abrupt spikes in meme coins like Dogecoin often precede a broader market correction.
Shaurya Malwa
3/ Solana Ecosystem Receives Major Boost with Jupiter Airdrop. 🚀
Nearly one million Solana (SOL) wallets are set to receive a massive airdrop from decentralized finance (DeFi) aggregator Jupiter. The airdrop, worth over $100 million at current prices, will distribute 4 billion JUP tokens to eligible users, representing 40% of Jupiter's total supply. This move aims to attract new users and boost liquidity on the protocol.
Mat Di Salvo
4/ Ripple Executive Points Out SEC's Shortcomings. 🧐
Crypto executive Stuart Alderoty criticized SEC Chairman Gary Gensler for the Commission’s approach to the crypto industry and recent developments that have seen it suffer defeats in high-profile cases. He noted that Gensler had previously said that the SEC would not prejudge companies but has done so in several cases, including Ripple. He also accused the SEC of being dishonest about its goals and said that it is more interested in protecting the status quo than in protecting investors.
David Pokima
Conclusion:
As the cryptocurrency landscape continues to evolve, traders and investors are seeking diverse and sophisticated trading options to navigate this dynamic market. The introduction of the BEAMX Perpetual Contract by Binance Futures, the surge in Dogecoin futures open interest, and the upcoming Jupiter airdrop all highlight the ever-changing nature of the crypto space and the need for adaptable trading strategies. Meanwhile, the criticism leveled against the SEC by Ripple executive Stuart Alderoty underscores the ongoing debate surrounding regulatory oversight in the cryptocurrency industry.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
