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On November 21, Binance initiated perpetual contracts for SLERF and Secret (SCRT) cryptocurrencies. This announcement led to a sudden increase in SLERF’s market value. The price of SLERF surged by 55% during the day, reaching $0.4373, while the 24-hour trading volume saw a 219% increase, hitting $271.18 million.
SLERF Experiences Rally and Increased Whale Accumulation
The announcement of Binance’s SLERFUSDT perpetual contract played a pivotal role in the price surge. The announcement stated that leverage up to 75x would be offered. Following the announcement, SLERF quickly rose from $0.2547 to test its daily peak of $0.4266.
According to data from CoinGape Media, whales have increased their accumulation of SLERF. This situation has intensified the buying pressure on the coin. Market experts indicate that SLERF is attracting a broader investor base. Investors are now assessing whether this sudden rise is sustainable.
SCRT Also Gains Value: Reaching $0.3393 with a 2% Increase
Alongside SLERF, Binance also launched USD-Margin perpetual contracts for Secret (SCRT). However, the price increase of SCRT was not as impressive as that of SLERF. SCRT rose to $0.3393 with a 2% increase, while the daily trading volume increased, recording low and high levels of $0.302 and $0.3791, respectively.
Market experts interpret Binance’s move as a significant step to provide more liquidity. The new listings offered investors greater trading flexibility for both SLERF and SCRT. This has encouraged market participants to seek out more opportunities.
Experts recommend that investors consider their risks while monitoring this increase. Binance’s expanded trading options may create new market dynamics. However, the sustainability of this activity will become clearer over time.
