Despite the overall cryptocurrency market downturn on Monday, UXLINK’s native token has surged 102% this week after Binance announced it would list UXLINK on its futures trading platform.
Key Contents
- The UXLINK token has seen its weekly price increase extend to 102%, fueled by Binance’s announcement that it will list the token on its futures trading platform.
- Open interest (OI) in UXLINK futures contracts reached $47 million.
- UXLINK recorded $895 million in derivatives volume on Monday.
While the overall cryptocurrency market was down on Monday, the native token of the Web3 social platform UXLINK extended its weekly price gains by 102%. This surge in value was due to the recent announcement by leading cryptocurrency exchange Binance that it would list the UXLINK token on its futures platform.
On Sunday, Binance officially announced the launch of USD margin perpetual contracts for UXLINKUSDT, allowing traders to leverage their positions up to 75x. Trading of UXLINKUSDT contracts began at 15:00 UTC on the same day. Binance’s massive user base now has access to a new futures market that offers significant trading potential, further increasing optimism about the token’s price trajectory.
Binance also outlined the key features of the contract in the announcement, which include a capped funding rate of +2.00% / -2.00%. The exchange also hinted that future adjustments to factors such as funding fees, leverage, and margin requirements may be made based on market risk conditions.
UXLINK price increase
The price of UXLINK has continued its upward trend, trading at $0.3915 at the time of writing, up 6.5% in the last 24 hours. However, the weekly performance is remarkable, with the token surging by almost 102% in the last 7 days. The futures listing and the broader market uptrend have helped the coin consolidate its gains.
UXLINK’s 24-hour trading volume also surged by 46% to $488 million, showing increased interest from traders.
Additionally, the open interest (OI) of UXLINK futures contracts currently stands at $47 million. According to CoinGlass data, UXLINK’s derivatives trading volume has reached $895 million, further highlighting the growing demand for token trading.
In particular, UKLINK, which was launched in July of this year, has a market capitalization of $66.3 million and has experienced a whopping 160% increase in value over the past month.
This is not the first time UXLINK has partnered with Binance to drive growth. Earlier this May, UXLINK launched a user engagement campaign in collaboration with Binance’s Web3 Wallet, offering rewards such as UXLINK airdrops and UXUY points for completing certain tasks. This campaign helped raise awareness and attract new users to the platform.
UXLINK’s tremendous growth
Social Monster UXLINK has gained a reputation for its rapid user growth since its launch, establishing itself as the largest Web3 social platform and infrastructure for users to discover, engage, and invest in promising crypto assets in a social manner. The platform currently boasts approximately 27 million users worldwide.
As the Web3 space continues to grow, UXLINK’s role as a social platform could provide additional opportunities for growth, especially with the support of major exchanges like Binance. In March, UXLINK successfully completed a $9 million funding round with investors including OKX Ventures.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving crypto world for over 4 years. Her deep understanding of the crypto markets has made her a trusted source for analysis and news. Whether analyzing the latest trends or deciphering whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
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