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

BNB Chain-based meme coin Simon’s Cat nabbed substantial investor attention on Monday as CAT price skyrocketed against the backdrop of a listing by a leading cryptocurrency exchange. Notably, the token’s price soared over 40% intraday as Binance unveiled a perpetual contract launch for its users. Meanwhile, market enthusiasts continue to speculate whether the coin could sustain an upward momentum in light of its recent futures listing.

CAT Bags Major Listing Reverberating Optimism Over Price Ahead

According to an official Binance announcement dated October 21, the futures trading division of the crypto exchange is set to launch 1000CATUSDT perpetual contract today at 12:30 UTC. As per the announcement, users can leverage up to 75x while trading the asset on the platform. The expansion of trade offerings for the BNB Chain-based meme token aligns with the exchange’s plans to tap into emerging markets and expand the list of choices offered to users.

Further, it’s noteworthy that the tick size for the asset is set at 0.00001, per the announcement. Also, the capped funding rate for Simon’s Cat is +2.00% / -2.00%. However, Binance may adjust the specifications of the aforementioned perpetual contract from time to time, subject to market risk conditions. These potential changes could encompass adjustments in the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements. Nevertheless, the announcement by the leading crypto exchange has ignited bullish torrents for the token, as seen by its recent price trajectory.

Meme Coin Soars 40%

CAT price soared by a staggering 40% today in light of the listing announcement mentioned above. The coin’s intraday low and high were registered as $0.00002296 and $0.00003555, respectively. Intriguingly, the broader market appears to have reacted bullishly to the listing announcement as the crypto’s 24-hour trading volume surged 330% to $108 million. Further, the weekly and monthly charts also underscored gains worth 28% & 81%, respectively.

Moreover, Coinglass data showed that 1000CAT futures OI surged 92% t0 $15.80 million today. Further, even the derivatives volume upsurged 397% to $35.53 million, underscoring heightened investor interest in the asset. This bullish momentum also aligns with the abovementioned listing.

Meanwhile, another report by CoinGape Media spotlights that Simon’s Cat price skyrocketed nearly 45% the previous month as Bybit commenced futures trading for the token. Overall, crypto market enthusiasts continue to eye the meme coin for further price action shifts in light of the listing.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.