Binance Announces Support for Phala Network (PHA) After 260% Price Surge
Crypto exchange Binance announced support for Phala Network (PHA) following a 260% price rally. Binance plans to expand trading options for the PHA token.
On December 30, Binance introduced USDT-margined perpetual contracts for Phala Network (PHA), offering up to 75x leverage. These contracts will also be available in Multi-Assets Mode, allowing users to utilize multiple assets, such as BTC, as margin.
Phala Network is gaining popularity as the execution layer for Web3 AI, enabling artificial intelligence to interact with blockchain platforms and facilitating access for new users entering Web3.
Phala Network (PHA) Price Surge
Following the Binance listing, the PHA price increased by 7.37%, trading at $0.4619, with weekly gains reaching 275%. Daily trading volume rose by 20% to $475 million. According to CoinGlass data, open interest for Phala Network rose 9.94% to $16.83 million.
Phala Network partnered with the AI agent framework ai16z to launch version 2.0 of its network. This integration combines privacy-first cloud computing with AI, creating secure agents for sensitive tasks. The adoption of Trusted Execution Environments (TEE) is increasing.
Analysts project that Phala Network may reach its previous all-time high of $1.40 within months. Key price targets for PHA are 50 cents and 70 cents; surpassing these levels could lead to a rally beyond $1.00.
Binance Announces Support for dForce (DF)
Binance also announced support for dForce (DF), providing similar 75x leverage. Over the past month, DF price surged by 120%, nearing 10 cents.
dForce (DF) has seen significant growth, with a 120% increase over the past month and a 15% rise in the last 24 hours. The token is priced at $0.099, with fluctuations between $0.076 and $0.1277. Its market capitalization stands at $91 million, with a trading volume of $159 million.