VOXEL skyrockets 55% after major Binance announcement

VOXEL price surged by more than 55% in the past 24 hours, reaching its highest level since mid-June.

The Voxies (VOXEL) token surged sharply on Aug. 20 after the world’s largest cryptocurrency exchange Binance revealed a major announcement for Vovies. The Voxies token is the utility token and in-game currency of the free-to-play tactical role playing game Voxie Tactics.

Voxie runs on the Polygon (MATIC) blockchain and the token provides for its rewards system.

Binance news sparks VOXEL price surge

In particular, Binance Futures announced the launch of VOXEL perpetual contract. The VOXELUSDT contract that offers up to 50x leverage went live on Aug. 20 at 10:30 UTC. Binance Futures also listed Base meme coin Brett (BRETT), news that also sparked the meme coin’s price rally on the day.

Binance stated that the USD-Margined VOXEL Perpetual Contract would have a capped funding rate of +2.00% / -2.00% and would settle in the USDT stablecoin.

Investors responded positively to the news, pushing VOXEL’s price sharply higher. After trading below $0.14 earlier in the day, VOXEL spiked following Binance’s announcement, reaching highs of $0.27. Although the altcoin has since retraced some of its gains, it is still trading around $0.22, up more than 55% at the time of writing.

VOXEL’s price is also up more than 94% over the past week, with bulls recovering much of the losses from its May lows of $0.09.

VOXEL’s significant gains on Aug. 20 coincided with another key development for the token: the cryptocurrency exchange MEXC added trading support for VOXEL/USDT on Aug. 19.