Simon’s Cat Jumps 37% Post Perpetual Contracts Listing on Binance

Simon's Cat Surges 37% as Binance Lists New Perpetual Contract

Time: October 23, 2024 at 08:10 AM GST
Updated: October 22, 2024 at 08:32 PM

2 mins read

News

Following Binance's announcement of a new perpetual contract for Simon's Cat, the token's value soared by 37%. The listing has sparked excitement among traders, driving the price up to approximately $0.000033. This cat-themed cryptocurrency has drawn the attention of astute investors due to its impressive performance. Analysts predict further growth as a result of this listing.

Binance 1000CATUSDT Perpetual Contract Listing

As per Binance Futures' post on Twitter:

"#Binance Futures will launch the USDⓈ-Margined $CAT Perpetual Contract at
🗓️ Oct 21 2024, 12:30 (UTC)"

This development allows traders to leverage positions up to 75 times, significantly enhancing trading strategies. The flexibility to use Bitcoin and other digital assets as collateral for margin trading further encourages engagement with Simon's Cat.

Growing Investor Interest

With a fully diluted valuation of roughly $267 million and a daily trading volume of approximately $140 million, this small-cap meme coin continues to attract investor interest. Over 230,000 holders have joined the Simon's Cat community, and approximately 10% of the total supply has been burnt, reducing the available tokens and increasing scarcity.

Meme Coin Popularity

The meme coin market has experienced significant growth, with a market capitalization exceeding $58 billion. While Dogecoin (DOGE) and Shiba Inu (SHIB) have dominated the space, Simon's Cat aims to establish a presence during the current crypto bull run.

Support and Future Potential

Support from the Floki Inu community, which received approximately 18.5% of Simon's Cat during an airdrop, has enhanced the token's credibility and appeal. Despite recent fluctuations, Simon's Cat remains a strong contender in this competitive market.

Simon's Cat's recent surge highlights the growing popularity of this unique meme coin. The Binance listing combines community support with strategic leverage trading, creating an environment for potential growth.