Following the recent Binance listing of perpetual trading, Simon’s Cat meme coin surged by over 37%, attracting interest from crypto traders.
As the total crypto market cap increased earlier on Monday, speculation was substantial regarding the top meme coins, which were led by the cat-themed Simon’s Cat (CAT). CAT’s price had increased by more than 37 percent in the past 24 hours and was trading at approximately $0.000033 during the early New York session on Monday, October 21.
The Binance Holdings Ltd. listing announcement was the primary factor in the small-cap meme coin’s more significant gains than most altcoins, with a daily average traded volume of approximately $140 million and a fully diluted valuation of roughly $267 million.
Earlier today, Binance, a prominent cryptocurrency exchange, announced the introduction of a perpetual contract for the CAT token, known as 1000CATUSDT. In light of this, Binance traders can now trade 1000CATUSDT with a maximum leverage of 75x today.
The cryptocurrency exchange observed that the 1000CATUSDT will enable traders to rely on other digital assets, particularly Bitcoin (BTC), as collateral for margin and to utilize multi-assets mode.
The 1000CATUSDT is anticipated to have a funding rate cap of +/- 2 percent at launch, with the funding fee settlement occurring every four hours.
The Reasons You Should Consider Simon’s Cat for the Remaining Period of the Crypto Bull Run
The meme coin industry, spearheaded by Dogecoin (DOGE), has expanded to a market capitalization of over $58 billion and a daily average traded volume of over $7.2 billion. Amid the 2024/2025 crypto bull run, most blockchains are leveraging the meme coins’ capabilities to attract additional users to the Web3 space.
Simon’s Cat has emerged as a meme coin with the potential to be valuable in the Binance ecosystem, with a liquidity of over $8.72 million in BNB. The CAT token has over 230K holders, with approximately 10% of its total supply being burnt forever, as per on-chain data analysis.
The liquidity and daily average traded volume of meme coins have been enhanced by listing CAT tokens on Binance and other crypto exchanges, such as MEXC, OKX, Gate.io, KuCoin, and HTX.
The Floki Inu community, among the fortunate recipients of the CAT airdrop, has provided the Simon’s Cat meme coin with much-needed support. This community accounts for approximately 18.5 percent of the token’s total supply.
Expectations for the Midterm
The meme coin has experienced short-term turbulence due to airdrop recipients selling to take profits, even though the CAT token was recently launched, so there needs to be more historical data for analysis. CAT’s price has declined by more than 28 percent since last month, reaching an all-time high of approximately $0.000046.
In the near term, the CAT price could quickly rally toward a new all-time high if the altcoin market gains bullish momentum, as seen from a technical analysis perspective.
