The price of Simon’s Cat (CAT), a meme-based cryptocurrency, jumped by 50% after Binance announced a new trading option a few hours ago.
Binance said it would introduce 1000CATUSDT perpetual contracts at 12:30 UTC today, with a 75x leverage offering.
According to the announcement, Binance users can now trade these new contracts for the Simon”s cat token. The tick size for trading is set at 0.00001, and the funding rate is capped at +2.00% / -2.00%. However, Binance might change the terms depending on market conditions.
Upon the announcement, CAT’s price surged from $0.00002454 to $0.00003689. The token also saw a massive 671.42% rise in trading volume to over $192 million in just a few hours.
In addition, the open interest (OI) for 1000CAT futures increased by 207%, reaching $25.12 million according to Coinglass.
Also, derivatives trading volume for CAT surged by a huge 1436.68%, with a volume of $105.60 million, showing strong interest from traders.
However, this isn’t the first time $CAT has seen a sure big move. Last month, the price jumped 20% after Floki token completed its airdrop event on Sept 11.
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