High Rebate Rates as Incentives

Under the new program, liquidity providers will receive rebates ranging from 0.005% to 0.01%, based on their trading volume. Binance aims to reduce the dominance of large market makers with this system and establish a more balanced structure.

Participants who provide at least 0.5% liquidity on altcoin pairs can receive a 0.5 bps rebate. To reach a 1 bps rebate, participants must exceed the 1% liquidity threshold. Applications will start on June 9, and rebate payments will go into effect as of June 17.

Flexible Structure for Altcoin-Focused Strategies

The program makes it easier for investors with different volumes and strategies to participate. Users who have traded over $20 million in the past 30 days on Binance Spot, Margin, or other platforms will be eligible to apply. This allows both small and medium-sized participants to engage in profitable market making.

Initially, the program will be limited to 18 altcoin/USDT pairs. Notable projects included are STO, SYRUP, SXT, BABY, WCT, FIL, TON, ONDO, KMNO, W, KERNEL, ICP, PARTI, HYPER, EOS and INIT. Binance stated that this list will be updated regularly based on market demand.

Next-Generation Market Maker Model

Catherine Chen, Head of VIP and Institutional at Binance, stated that this new approach offers a significant opportunity for participants who focus on altcoin strategies. Thanks to this model, investors can actively engage in the market with custom strategies, rather than being restricted to major cryptocurrencies like Bitcoin.

The program’s benefits include reducing slippage, increasing market depth, and enhancing trading efficiency. This innovative model could help build a healthier and more sustainable trading environment for the altcoin ecosystem.

This new liquidity program can be seen as part of Binance’s long-term vision for altcoin markets. It marks an important step toward enabling more investors to play an active role in an evolving and diversified crypto landscape.

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Following the major launches of Official Trump (TRUMP) by Donald Trump on January 18 and Official Melania (MELANIA) by Melania Trump on January 19 on the Solana (SOL) network, Errol Musk announced his own memecoin project, Musk It (MUSKIT). Musk aims to raise $200 million from this project, which will fund his for-profit think tank, the Musk Institute.

Musk It Token’s Performance

The Musk It (MUSKIT) token was quietly launched on December 12, 2024, by a Middle Eastern cryptocurrency company. However, it failed to attract significant attention and has lost over 52% of its value, now trading at $0.02. According to current data, the token’s market capitalization stands at $25 million.

Errol Musk clarified that his son, Elon Musk, has no involvement in the Musk It project.

Can Musk It Succeed Without Elon Musk’s Endorsement?

Despite the influence of the Musk surname, experts believe that Musk It (MUSKIT) may struggle to succeed without Elon Musk’s direct involvement.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Blockchain expert Anndy Lian commented to Cointelegraph that he believes Musk It may not reach the same heights as the Trump family’s memecoins, as those gained traction due to their direct association with the Trump brand:

“Without Elon Musk’s personal endorsement, this project may not attract enough attention.”

Nevertheless, investors are expected to continue showing interest in memecoin projects with high return potential, viewing them as the “lottery tickets” of the crypto world.

For instance, on December 14, an investor turned $27 into $52 million by capitalizing on the PEPE token rally. Similarly, on January 6, another trader transformed a $2,000 investment into $3.2 million in just 10 hours on the Hyperfy (HYPER) metaverse token, achieving over 1,500x returns.

Why Are Memecoins So Popular?

Following dips in the crypto markets, investors often seek out new opportunities for quick gains, which leads them to memecoins. However, these tokens often experience significant volatility due to their lack of utility.

Despite this, some traders are able to capitalize on the volatility of memecoins and achieve substantial profits.

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The post Elon Musk’s Father Raises $200M with ‘Musk It’ Memecoin! appeared first on Coin Engineer.

This remarkable feat took place with Hyperfy (HYPER), a newly launched metaverse token. Blockchain analytics platform Lookonchain shared the details of the trade in a post on Jan. 6 via X:

“Turned $2,137 into $3.24M in just 10 hours—a 1,515x return! The trader has since been taking profits, selling a total of 17.88M HYPER for 10,286 SOL ($2.21M) and still holding 4.12M HYPER ($1.03M).“

The Rapid Rise of Hyper Token

Hyper was launched on Raydium at 1:45 am UTC on Jan. 6 as a utility token for the metaverse and gaming industry.

You Might Be Interested In: Elon Musk Shared, That Memecoin Flew: Up 500%!

• The Hyper Token quickly surged to an all-time high of $0.26 before dropping to $0.19.
• According to Raydium data, its market capitalization has now surpassed $198 million.

Major Gains in the Crypto Market

Despite overall market corrections, some traders have been reaping massive rewards.

• At the end of December, another trader made $1.1 million in just two days by shorting Ethereum (ETH) with 5x leverage.
• On Dec. 14, another trader turned a $27 investment into $52 million during the Pepe (PEPE) memecoin rally.

PEPE delivered over 1,600% returns in 2024, making it the second-best performing cryptocurrency of the year.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Trader Turns $2K Into $3.2M in 10 Hours on Metaverse Token! appeared first on Coin Engineer.