Ponke meme coin rises 15% following Binance listing

The Solana-based (CRYPTO:SOL) meme coin Ponke (CRYPTO:PONKE) saw a 15% increase in value shortly after Binance announced the launch of PONKE/USDT perpetual contracts, which offer up to 75x leverage.

According to CoinGecko, this rise occurred amid generally stable cryptocurrency market activity, suggesting that the new listing brought notable attention to Ponke.

Binance’s listings often influence token performance due to the platform’s liquidity and user reach.

Similar movements were observed last month with the meme coin CAT, which increased by 65% following its introduction of 1000CATUSDT perpetual contracts, driving its market capitalisation past $250 billion.

Perpetual contracts enable traders to speculate on price changes without owning the asset directly.

These contracts remain open indefinitely, provided margin requirements are met, offering both opportunities for gains and risks of loss.

While traders can pursue profit through leveraged positions, this form of trading also brings higher risk, potentially resulting in significant losses if the market turns against the contract holder.

Alongside adding tokens, Binance periodically removes certain assets, a move that can impact the market value of those tokens.

The exchange recently announced the delisting of several altcoins, including Rupiah Token (CRYPTO:IDRT), Keep3rV1 (CRYPTO:KP3R), Ooki Protocol (CRYPTO:OOKI), and Unifi Protocol DAO (CRYPTO:UNFI), effective from November 6.

Shortly after the news, some tokens, like KP3R, OOKI, and UNFI, saw price drops of over 40%, reflecting the market’s response to reduced accessibility.

At the time of reporting, the Ponke (PONKE) price was $0.4056.