Despite the crypto market’s overall decline on Monday, the native token of Web3 social platform UXLINK increased its weekly gains to 102%. This increase came as leading crypto exchange Binance listed the UXLINK token on its futures platform.
Binance Lists UXLINK Futures
On Sunday, Binance announced the launch of a USD-margined perpetual contract for UXLINKUSDT, allowing traders to trade with up to 75x leverage. Trading for the UXLINKUSDT contract began at 15:00 UTC on the same day. We know that Binance is the largest platform by volume, and these listings contribute significantly to the token as the number of alternatives in futures trading increases.
Binance mentions in its announcement that the contract has a funding rate limited to +2.00% / -2.00%. The exchange also noted that it may make changes to factors such as funding fees, leverage, and margin requirements in the future depending on market risk conditions, as it does with every listing.
Price Increase of UXLINK Token
The price of UXLINK continues to rise, trading at $0.3915 at the time of writing, up 6.5% (in the last 24 hours). Its weekly performance is remarkable, with the token up almost 102% in the last seven days. The Binance listing is what fueled the rally, increasing demand. The fact that any altcoin is considered by Binance is still exciting for altcoin investors.
UXLINK’s 24-hour trading volume also increased by 46% to $488 million, confirming the growing interest of traders. In addition, open interest in UXLINK futures contracts has now reached $47 million. According to CoinGlass data, UXLINK’s derivative volume has increased to $895 million, indicating that demand for the token is increasing not only in spot markets but also in futures.
UXLINK’s Rapid Growth
Launched in July, UXLINK has reached a market cap of $66.3 million, and has seen a 160% increase in value in the past month. In May this year, UXLINK partnered with Binance exchange’s Web3 Wallet to launch a campaign to increase user engagement, offering rewards such as UXLINK airdrops and UXUY points. This campaign increased awareness of the platform and attracted new users.
Social media platform UXLINK has been known for its rapid user growth since its launch. It has become the largest Web3 social platform for users to discover, interact, and invest in promising crypto assets. The platform has approximately 27 million users worldwide.
As the Web3 space continues to grow, UXLINK’s role as a social platform could present further growth opportunities, especially with the support of major exchanges like Binance. In March, UXLINK successfully closed a $9 million funding round from investors including OKX Ventures.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
