Binance has announced that it will launch the viral meme coin SPX6900 in the form of the SPXUSDT Perpetual Contract with up to 75x leverage, alongside Raydium, Koma Inu, and Virtuals Protocol.
In a recent notice, Binance Futures unveiled plans to launch four different tokens on USDT Perpetual Contracts, one of them being the meme coin SPX6900 (SPX). The perpetual contract SPXUSDT will launch with up to 75x leverage starting on Dec. 10 12:45 UTC.
The maximum financing rate established for SPXUSDT perpetual contracts upon launch will be +2.00% and -2.00%. The funding fee calculation frequency is set to occur every four hours. Meanwhile, the tick size for the perpetual contract is set at 0.0001.
A few hours after the Binance announcement, SPX6900 has not shown signs of a major leap. According to data from crypto.news, the token has risen by nearly 10% in the past 24 hours. Over the past seven days, SPX6900 has gained 21.6% and has increased by 42% in the past two weeks.
The token is currently trading at $0.71, with a 24-hour trading volume of $55 million.
SPX6900 has a market cap of $642 million, ranking at number 176 on the crypto leaderboard by market capitalization. Its fully diluted valuation also stands at $642 million. The meme coin has a circulating supply of 930 million tokens and a maximum supply of 1 billion tokens.
SPX6900 is a meme coin born out of internet culture. It was built with the core purpose of challenging traditional financial instruments like the S&P 500, a stock market index that tracks the performance of the top 500 companies. SPX6900 represents the idea that 6900 is greater than 500, suggesting it could offer more value than the stock index.
Aside from SPX6900, Binance Futures will also list the following perpetual contracts on Dec. 10: RAYSOLUSDT at 12:00 UTC, KOMAUSDT at 12:15 UTC, and VIRTUALUSDT at 12:30 UTC.
