Binance Launches 75x Leverage for Phala Network and dForce Amid Crypto Rally
Binance has introduced USDT-margined perpetual contracts for Phala Network (PHA) and dForce (DF), offering up to 75x leverage. This move comes in the wake of a 263% increase in PHA’s value over the past week, with an additional 7.37% increase post-announcement. Phala Network focuses on privacy-first Web3 AI cloud computing and has partnered with AI framework ai16z to enhance its capabilities, leading analysts to project that PHA could reach its previous all-time high of $1.40. The introduction of these contracts is part of Binance’s strategy to diversify its trading offerings, also including multi-asset trading options. dForce’s DF token price saw a 120% rise over the past month, propelled by its inclusion in Binance’s offerings. The listings underscore a growing interest in Web3 and AI-integrated blockchain spaces, with significant movements in the market anticipated.
Bullish
The introduction of high-leverage contracts and the significant price gains for both Phala Network and dForce highlight a bullish sentiment in the market. Binance’s strategic move to expand its contract offerings suggests increased trader engagement and potential for further price increases, especially given the focus on Web3 and AI integrations. Historically, the introduction of high-leverage products tends to stimulate trading activity and attract more investors, supporting a bullish outlook.