VOXEL Surges Over 55% on Binance Announcement
The cryptocurrency market witnessed a significant surge in the price of VOXEL, the utility token of the free-to-play tactical role-playing game Voxie Tactics, following a major announcement by Binance. The Voxies token saw a remarkable increase of more than 55% in the past 24 hours, reaching its highest level since mid-June. This surge in price was fueled by the news that Binance Futures had launched a VOXEL perpetual contract, offering traders up to 50x leverage. The announcement has generated a wave of excitement among investors, pushing VOXEL’s price sharply higher.
Impact of Binance Announcement on VOXEL Price
The unveiling of the VOXEL perpetual contract by Binance Futures on August 20 marked a significant milestone for the Voxies token. The contract, denominated in USDT stablecoin, features a capped funding rate of +2.00% / -2.00% and settles in USDT. This development not only provided traders with a new opportunity to speculate on VOXEL’s price movements but also served as a catalyst for the token’s price surge. Prior to the announcement, VOXEL was trading below $0.14, but following the news, the token spiked to highs of $0.27. While VOXEL has retraced some of its gains, it is still trading around $0.22, showcasing an impressive gain of more than 55% at the time of writing.
VOXEL’s Performance and Market Dynamics
The recent surge in VOXEL’s price is part of a broader uptrend that has seen the token climb over 94% in the past week. This bullish momentum has enabled VOXEL to recover much of the losses it experienced from its May lows of $0.09. The market dynamics surrounding VOXEL have been further influenced by the addition of trading support for the token on the cryptocurrency exchange MEXC. The listing of VOXEL/USDT trading pair on MEXC on August 19 provided investors with another avenue to access the token, contributing to its increased visibility and trading volume.
The Voxies token operates on the Polygon (MATIC) blockchain, utilizing the token as both a utility token and an in-game currency within the Voxie Tactics game. This unique use case for the token has garnered significant interest from the gaming community, as players can earn and utilize VOXEL within the game’s ecosystem. The integration of blockchain technology and cryptocurrency in the gaming sector represents a growing trend that is reshaping how players interact with digital assets and virtual economies.
Future Outlook for VOXEL
As VOXEL continues to gain traction in the cryptocurrency market, investors are closely monitoring the token’s performance and its potential for further growth. The recent developments surrounding Binance’s announcement of the VOXEL perpetual contract have injected renewed optimism into the token’s price trajectory. With increasing interest from traders and the gaming community, VOXEL is poised to capitalize on its unique use case and establish itself as a prominent player in the decentralized gaming space.
In conclusion, the surge in VOXEL’s price following Binance’s announcement underscores the impact of major developments and partnerships in driving value for cryptocurrency projects. As the market continues to evolve and new opportunities emerge, tokens like VOXEL are well-positioned to capitalize on these trends and deliver value to their stakeholders.
