Cryptocurrency exchange Binance has announced that it will launch a new perpetual contract for the meme token Floki (FLOKI) on its futures platform. The 1000FLOKIUSDT Perpetual Contract will allow users to trade against USDT with up to 20x leverage.
The new contract will go live on May 6, 2023 (Today) at 19:30 Turkish time and it will be possible to trade 24/7. Users can also trade the contract with different collateral assets such as BTC, subject to applicable collateral deductions, using the Multi-Asset Mode.
Binance Futures is one of the most popular and liquid platforms for trading cryptocurrency derivatives, offering a wide range of contracts for various coins and tokens. The addition of the 1000FLOKIUSDT Perpetual Contract is expected to attract more traders and users interested in this meme token inspired by Elon Musk's dog.
Binance reminded users that cryptocurrency derivatives trading involves high risks and advised them to be cautious and use appropriate risk management tools.
FLOKI has been struggling to be listed by Binance for quite some time. The meme token in question has a market cap of $435 million at the time of this writing and has lost 11% in the last 24 hours.
The Floki Inu was created shortly after Musk tweeted that he would be getting a new Shiba Inu dog named Floki in June 2021.
*Not investment advice.