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Cryptocurrency News Articles
CAT Coin's Price Jumped 40% Today as Binance Unveiled 75x Leverage Perpetual Contracts
Oct 22, 2024 at 05:06 am
Trading volumes have soared, reflecting strong investor enthusiasm for the meme coin's future prospects.
Binance has announced the launch of 75x leverage perpetual contracts for CAT coin, sparking a bullish trend and igniting a surge in trading volumes.
According to an official notice from Binance on October 21, the 1000CATUSDT perpetual contract will be launched by the futures trading branch of the crypto exchange at 12:30 UTC today.
The launch will enable users to trade the asset on the platform with leverage of up to 75x, the announcement noted. This move aligns with the exchange's broader strategy of expanding trading opportunities for meme tokens based on the BNB Chain.
As highlighted in the announcement, the asset's tick size is set at 0.00001, Coingape reports.
Moreover, the maximum funding rate for Simon's Cat is 2.00% each way. However, Binance retains the discretion to adjust 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 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.
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.
Meanwhile, 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.
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