CAT Price Blows Up Over 40% As Binance Launches Perpetual Contract

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As a seasoned crypto investor with a knack for spotting promising opportunities, I must admit that the recent surge of Simon’s Cat has piqued my interest. Having witnessed the meteoric rise and fall of numerous coins, I’ve learned to read between the lines and anticipate market trends. The listing on Binance, one of the most influential exchanges in the crypto sphere, is a clear sign that CAT might be the next big thing.

On Monday, the meme coin Simon’s Cat, which operates on BNB Chain, garnered significant investor interest. The price of CAT tokens dramatically increased, with a surge of over 40% in a single day. This price hike was fueled by Binance announcing the launch of a perpetual contract for their users. As a result, cryptocurrency market enthusiasts are debating whether this coin could maintain its upward trend following the recent announcement of its futures listing.

CAT Bags Major Listing Reverberating Optimism Over Price Ahead

Based on a Binance announcement from October 21st, their futures trading sector is launching a new perpetual contract for 1000CATUSDT today at 12:30 UTC. This means that users can trade this asset with up to 75 times leverage on the platform. This move to broaden the range of tradable assets for the meme token based on BNB Chain aligns with Binance’s strategy to enter new markets and provide more options to their users.

Additionally, it’s important to mention that the smallest unit for this asset is 0.00001, as stated in the announcement. Moreover, the funding rate for Simon’s Cat perpetual contract is between +2.00% and -2.00%. However, Binance has the ability to modify the characteristics of this contract depending on market conditions. These possible alterations might involve changes in the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements. Despite these potential modifications, the announcement from the prominent crypto exchange has sparked a surge of bullish sentiment for the token, evidenced by its recent price trend.

Meme Coin Soars 40%

Today, the price of CAT skyrocketed an astounding 40% due to the announcement of its listing we mentioned earlier. During the day, its lowest and highest values were recorded as $0.00002296 and $0.00003555, respectively. Interestingly, the overall market seemed optimistic about this listing, causing a significant increase in the coin’s 24-hour trading volume – it jumped an impressive 330% to reach $108 million. Additionally, if we look at the weekly and monthly charts, they show increases of 28% and 81%, respectively.

Additionally, data from Coinglass revealed a significant increase of 92% in the open interest (OI) for 1000CAT futures to $15.8 million today. Furthermore, the volume of related derivatives soared by an impressive 397% to $35.53 million, suggesting robust investor enthusiasm towards this asset. This bullish trend coincides with the previously mentioned listing and reflects heightened interest in the asset.

Additionally, a report by CoinGape Media highlights that the price of Simon’s Cat surged approximately 45% over the past month following the launch of futures trading for the token on Bybit. As a result, crypto market enthusiasts are closely watching this meme coin for potential future price fluctuations due to the listing.

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2024-10-21 15:37