Simon’s CAT Surges 50% After Binance Launches Perpetual Contracts

The price of Simon’sCat (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.

Source:  X

According to the announcement, Binance, users can now trade these new contracts for the BNB Chain-based meme 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.

Source: CoinMarketCap

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 coin has seen a sure big move. Last month, the price jumped 20% after Floki token completed its airdrop event on Sept 11.