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CAT coin's price jumped 40% today as Binance unveiled 75x leverage perpetual contracts, igniting a bullish trend. Trading volumes have soared, reflecting strong investor enthusiasm for the meme coin's future prospects.
Binance Announces 1000CATUSDT Contract Launch
An official notice from Binance dated October 21 states that today at 12:30 UTC, the 1000CATUSDT perpetual contract will be launched by the futures trading branch of the crypto exchange.
Users are able to trade the asset on the platform with leverage of up to 75x, according to the release. In line with the exchange's goals of reaching out to developing markets and providing customers with more options, the trade opportunities for the BNB Chain-based meme token have been expanded.
Notably, the asset's tick size is set at 0.00001, as stated in the announcement, Coingape reports.
Binance May Adjust Contract Terms Based on Market Conditions
Additionally, Simon's Cat has a maximum funding rate of 2.00% each way. Nevertheless, Binance has the discretion to modify the terms of the specified eternal contract at any moment in response to changes in market risk.
Funding cost, tick size, maximum leverage, initial margin, and maintenance margin requirements are all subject to change. But as the current price trajectory shows, the news by the top crypto exchange has set off bullish torrents for the coin.
The aforementioned listing news caused the CAT price to surge by a whopping 40% today. During the course of the day, the price of the coin dropped as low as $0.00002296 and as high as $0.00003555.
CAT Price Rallies by 40% After Binance Listing
The crypto's 24-hour trading volume increased 330% to $108 million, suggesting a bullish reaction from the market as a whole in response to the listing announcement. Gains of 28% and 81%, respectively, were also highlighted by the weekly and monthly charts.
In addition, 1000CAT futures OI increased by 92% to $15.80 million today, according to Coinglass statistics. An additional indicator of increased investor interest in the asset is the derivatives volume, which rose 397% to $35.53 million. This upward trend is also consistent with the listing that was discussed earlier.
Previous Gains Fuel Investor Optimism
At the same time, CoinGape Media highlights in another report that the price of Simon's Cat surged by roughly 45% last month when Bybit started trading the token's futures. Speculators in the cryptocurrency market are keeping a close eye on the meme coin as they anticipate more price changes following the listing.
