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Despite a downturn in the broader crypto market on Monday, UXLINK’s native token has surged 102% this week following Binance’s announcement to list it on its futures platform.
Key Notes
UXLINK token has extended its weekly price gains to 102%, largely fueled by Binance's announcement to list the token on its futures platform.The open interest (OI) in UXLINK futures contracts has reached $47 million.UXLINK has recorded a derivatives trading volume of $895 million on Monday.While the broader crypto market records a downturn on Monday, Web3 social platform UXLINK’s native token keeps extending its weekly price gains to 102%. This surge in value follows the recent announcement by leading crypto exchange Binance to list UXLINK token on its futures platform.
On Sunday, Binance officially announced the launch of a USD-Margined perpetual contract for UXLINKUSDT, allowing traders to leverage their positions up to 75x. Trading of the UXLINKUSDT contract 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, sparking even more optimism for the token’s price trajectory.
In its announcement, Binance also outlined key features of the contract, including a capped funding rate of +2.00% / -2.00%. Additionally, the exchange hinted that future adjustments could be made to factors like funding fees, leverage, and margin requirements depending on market risk conditions.
UXLINK Price Gains
UXLINK’s price continued its upward momentum, trading at $0.3915 as of time of writing, up 6.5% in the past 24 hours. However, its weekly performance stands out, as the token has soared nearly 102% over the last seven days. The futures listing, along with a broader market uptrend, has helped the coin solidify its gains.
UXLINK’s 24-hour trading volume has also spiked by 46%, reaching $488 million, reflecting increased interest from traders.
Additionally, open interest (OI) in UXLINK futures contracts now rests at $47 million. According to data from CoinGlass, derivatives volume for UXLINK has hit $895 million, further highlighting the growing demand for trading the token.
Notably, UKLINK, launched in July this year, boasts a market cap of $66.3 million and has experienced a remarkable 160% increase in value over the past month.
This isn’t the first time UXLINK has partnered with Binance to fuel its growth. Earlier this year in May, UXLINK teamed up with Binance’s Web3 Wallet to launch a user engagement campaign, 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 Massive Growth
Social Monster UXLINK has gained a reputation for its swift user growth since its launch, establishing itself as the largest Web3 social platform and infrastructure for users to discover, engage with, and invest in promising crypto assets in a social manner. The platform currently boasts around 27 million users globally.
As the Web3 space continues to grow, UXLINK’s role as a social platform could provide further 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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
