Huobi HTX Denies DEGEN Perpetual Contract Launch

Huobi HTX denies rumors of launching a DEGEN perpetual contract as Binance confirms a similar product.

The rumors about Huobi HTX launching a DEGEN perpetual contract have been officially dismissed. However, Binance, another major player, has confirmed a 75x leverage DEGENUSDT introduction, causing market ripples.

Binance Futures announced the launch of the DEGENUSDT perpetual contract, offering 75x leverage. The contract is settled in USDT and spurred significant trading activity. Conversely, Huobi HTX has refuted related claims entirely.

“We are excited to announce the launch of the DEGENUSDT perpetual contract, which allows traders to leverage their positions up to 75x.” – Changpeng Zhao, CEO, Binance

The introduction by Binance has led to significant market transactions, notably involving cryptocurrency whales. A whale reportedly sold 6.43 million DEGEN tokens following the announcement. The move has reverberated through various crypto spaces, affecting other perpetual contracts.

Binance’s move reflects broader trends, with cryptocurrency platforms frequently introducing innovative financial instruments. These instruments often react to prevailing market forces and trader appetites, affecting perception and adoption across the industry.

Given current market trends, experts anticipate similar transactions and contract announcements by other exchanges. Historical data indicates that these introductions can catalyze market shifts. A broader acceptance may foster further financial and technological innovations across exchanges.