3X Long PAX Gold Token price is $3,325.48
The price of 3X Long PAX Gold Token (PAXGBULL) has increased today, currently sitting at $$ 3,325.48. The cryptocurrency market is highly volatile, and prices can fluctuate significantly within short periods. It's important to check real-time statistics for the latest price movements.
3X Long PAX Gold Token (PAXGBULL) is a leveraged token presented as an ERC20 asset on the Ethereum blockchain. This token is designed to provide traders and investors with a way to gain leveraged exposure to PAX Gold. Essentially, PAXGBULL aims to offer returns that are triple the daily performance of PAX Gold. This mechanism allows users to speculate on the price of gold by holding a digital asset.
PAX Gold is a digital asset backed by physical gold, where each token represents one fine troy ounce of a London Good Delivery gold bar. 3X Long PAX Gold Token (PAXGBULL) has an intrinsic connection with PAX Gold as its performance directly relates to thrice the daily return of PAX Gold. This leveraged token is specifically structured for those who wish to leverage their position in gold through the PAX Gold cryptocurrency.
As a leveraged token, 3X Long PAX Gold Token (PAXGBULL) provides amplified exposure to the price movements of PAX Gold. If PAX Gold goes up by 1% in a day, PAXGBULL seeks to go up by 3%, and vice versa. However, it's important to note that this leveraging effect can also increase potential losses if PAX Gold's price moves in the opposite direction.
The token operates by using derivatives such as futures contracts to create the leverage effect. It is rebalanced on a daily basis to maintain its target leverage, so its performance may deviate from 3x the return of PAX Gold over periods longer than one day due to the compounding of daily returns.
3X Long PAX Gold Token (PAXGBULL) is offered on FTX, a cryptocurrency derivatives exchange. The exact team or individuals responsible for the development of this leveraged token are not specified, as FTX offers a range of leveraged tokens for different assets. It's a product designed by the exchange for traders seeking leveraged exposure to specific assets, including gold, via PAX Gold.
Leveraged tokens such as PAXGBULL are complex financial instruments that offer multiplied exposure to the performance of an underlying asset. They allow holders to gain leveraged positions without dealing with collateral, margin, liquidation risks, or the complexity of managing a leveraged trade manually. However, they are still risky and suited for experienced traders who understand how leverage works and the associated risks.
You can purchase 3X Long PAX Gold Token (PAXGBULL) on FTX.com, the cryptocurrency derivatives exchange that offers a wide variety of leveraged tokens. It's important to ensure you have an account on the exchange and to understand the trading mechanisms before engaging in buying, trading, or holding leveraged tokens.
As an ERC20 token, PAXGBULL can be stored in any Ethereum-compatible wallet that supports ERC20 tokens. To ensure the safety of your tokens, you should use a reputable wallet, consider the security features it offers, such as two-factor authentication, and follow best practices for securing your private keys and wallet passphrase. Hardware wallets are often recommended for storing cryptocurrencies and tokens due to their enhanced security features.
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