Key Takeaways
- The price of Simon’s Cat (CAT) increased by 62.5%, from $0.000024 to $0.000039.
- Binance’s introduction of token futures trading was the catalyst for the rise.
- CAT is not accessible for spot trading on Binance, even after the debut of the futures.
After Binance introduced leveraged futures trading, Simon’s Cat (CAT) saw a significant price increase.
The meme coin’s price rose from $0.000024 to $0.000039 in a single day, according to CoinGecko.
Since then, though, the price has somewhat withdrawn, falling below $0.000036 as of this writing.
What Caused Simon’s Cat’s Price to Soar?
The addition of 1000 CATUSDT for futures trading with leverage of up to 75X was announced by Binance on October 21. The sharp price surge was caused by Simon’s Cat being accessible for futures trading at 12:30 UTC.
Built on the BNB Chain, Simon’s Cat is a meme coin that Binance unofficially supports. Although the coin was first introduced on August 8, 2024, the exchange does not list it for spot trade.
Although it isn’t accessible on all of the main platforms, as of October 22, Gate.io accounts for 40.83%, or $150.6 million, of CAT’s spot trading activity.
CAT Makes It Into the Top 10 DEX Tokens
CAT was listed among the top 10 tokens by trading volume on decentralized exchanges (DEXs) after the futures launch.
GeckoTerminal reports that CAT is ranked 10th in the DEX rankings with a trading volume of $26.39 million with Wrapped BNB (WBNB) over the past day.
Popcat (POPCAT), a well-known meme coin on the Solana (SOL) network, was also surpassed by CAT due to the spike in its trade volume. With $25.72 million in DEX trading volume, POPCAT is currently ranked 11th.
Pepe Unchained (Meme)
If you are interested in meme currencies, there is another popular coin that is currently making waves on X.
Pepe Unchained is a layer-2 token with blazingly quick transactions. It claims to be 100 times faster than Ethereum and to have cheaper gas prices. Staking $PEPU, which garnered over $11 million in a very successful presale, can provide you with interesting cryptocurrency chances.
