- Binance Futures launches CAT perpetual contract with up to 75x leverage, boosting trading opportunities for meme coin enthusiasts.
- Simon’s Cat token gains attention after winning BNB Chain’s “Meme Heroes” contest, marking its rise in the meme coin space.
Binance Futures has announced the launch of the 1000CATUSDT Perpetual Contract on October 21, 2024, at 12:30 UTC. Setting to offer traders up to 75x leverage.
The 1000CATUSDT contract lets traders speculate on Simon’s Cat (CAT), a project that has been attracting interest particularly following its success in BNB Chain’s “Meme Heroes” program, as we previously reported.
Binance Strategic Move to Capitalize on Meme Coin Volatility
The timing of the 1000CATUSDT Perpetual Contract launch is observed as a calculated action to profit from meme currency growing appeal. Especially in the meme coin category, Binance has been aggressively improving its platform to satisfy the needs of traders who live on volatility and speculative possibilities.
Binance lets traders perhaps maximize their gains by providing up to 75x leverage, but like with highly leveraged products, this also raises risk.
Furthermore, CAT has been riding a wave of good sentiment ever since it was entered into the “Meme Heroes” competition. Investors, particularly those searching for the next major meme coin, have become buzzful about this.
By listing this contract, Binance demonstrates its confidence in the token’s market potential, particularly in an environment where social media trends and community involvement are prevalent because meme coins continue to thrive in such settings.
CAT is trading at $0.00003648 at the time of writing, a clear 46.09% increase over the last 24 hours. This notable price rise emphasizes the favorable response from investors in response to the latest Binance events, therefore enhancing the attractiveness of the token.
Other meme tokens have also become somewhat well-known. CNF previously reported MEW, another cat-themed token that has gained popularity in Korea. Upbit’s decision to list the MEW/KRW trading pair is important since it becomes the third memecoin to be paired with the Korean Won, following Dogecoin (DOGE) and Shiba Inu (SHIB).
