CAT token’s price increased by over forty percent in a single day, driven by bullish sentiment and increased trading volumes.
The BNB chain serves as the foundation for a meme coin. As the price of Simon’s Cat surged on Monday, investors paid a significant amount of attention to the cryptocurrency. This occurred against the backdrop of a listing by a prominent cryptocurrency exchange.
As a result of Binance’s announcement of a perpetual contract launch for its customers, the token’s price increased by more than forty percent within a single day. In light of the coin’s recent listing on the futures market, market aficionados continue to speculate about its potential to maintain an upward momentum during this time.
CAT Bags Major Listing Reverberating Optimism Over Price Ahead
According to a formal release from Binance on October 21, the cryptocurrency exchange’s futures trading branch plans to launch a 1000CATUSDT perpetual contract today at 12:30 UTC. According to the statement, consumers can leverage the asset up to 75 times when trading on the platform.
The exchange has simultaneously implemented the expansion of trade opportunities for the meme token, based on the BNB Chain, in line with its intentions to penetrate emerging countries and broaden the range of options available to users.
The statement sets the tick size for the asset at 0.00001, a crucial detail to consider. In addition, the restricted financing rate for Simon’s Cat is a ratio of +2.00% to -2.00%. On the other hand, Binance reserves the right to modify the terms of the aforementioned perpetual contract at any moment without prior notice, as long as market risk conditions remain met.
The financing cost, tick size, maximum leverage, initial margin, and maintenance margin requirements could all be subject to modification as a result of these prospective changes.
Meme Coin Soars 40%
Despite this, the most prominent cryptocurrency exchange’s news has sparked bullish sentiment for the token, as demonstrated by its recent price trajectory. The previously discussed listing announcement has skyrocketed the price of CAT by an astounding forty percent.
Throughout the day, the coin recorded low and high values of $0.00002296 and $0.00003555, respectively. The cryptocurrency’s 24-hour trading volume increased by 330% to $108 million, which is an intriguing indication that the market as a whole looks to have developed a bullish reaction to the announcement of the listing.
In addition, the weekly and monthly charts both highlighted gains that respectively amounted to 28% and 81% of the total. In addition, the statistics from Coinglass revealed that the open interest in 1000CAT futures increased by 92% to $15.80 million today.
Furthermore, the volume of derivatives increased by 397%, reaching $35.53 million, further demonstrating the increased interest that investors have in the asset. Furthermore, this positive momentum aligns with the previously discussed listing.
While this is going on, the price of Simon’s Cat surged by roughly 45 percent the previous month as a result of Bybit beginning futures trading for the token.
Generally, individuals interested in the cryptocurrency market continue to monitor the meme coin for further price fluctuations following the listing.
