This Meme Coin Jumps by 50% Following Further Support From Binance
TL;DR
- Binance expanded support for Simons Cat (CAT) by including it in multiple trading programs.
- The token reacted to the news with a rapid price increase.
The Binance-Fueled Pump
The worlds biggest cryptocurrency exchange recently added further support for the meme coin launched on the BNB chain Simons Cat (CAT). First, it included it in its HODLer Airdrops Portal. The program rewards BNB holders with token distributions based on historical snapshots of their balances.
By subscribing BNB to Simple Earn, users are automatically eligible for HODLer Airdrops (as well as Launchpool and Megadrop rewards), Binance explained.
The company said it will distribute 1,143,000,000,000 CAT (12.7% of the tokens maximum supply) to lucky users.
Shortly after, Binance listed the meme coin with a seed tag. The exact trading pairs available to users are CAT/USDT, CAT/BNB, CAT/FDUSD, and CAT/TRY. It is worth noting that the seed tag category identifies newly listed and innovative cryptocurrency projects that may carry higher risk and volatility.
Earlier today (December 17), the exchange doubled down on its support for Simons Cat, adding it to the Binance Simple Earn, Buy Crypto, Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures programs.
Somewhat expectedly, the aforementioned efforts resulted in a massive price spike for CAT. Its valuation soared by approximately 50% on a daily scale, hitting a new all-time high of $0.00006330 (per CoinGeckos data). In the following hours, the price slightly retraced to the current $0.00005597.
The Previous Support
Binance initially embraced Simons Cat in October of this year when it introduced 1000CATUSDT perpetual contracts in its futures program. The offering allows up to 75x leverage and supports the multi-assets mode. In other words, it enables clients to use numerous margin assets such as Bitcoin (BTC) when trading the contract.
Perpetual contracts let traders bet on the price movements of a certain token without directly owning it. With no expiration date, they can be held indefinitely. While such contracts offer opportunities for significant rewards, the high leverage and constant exposure to liquidation make them inherently risky, especially for inexperienced traders.
Other meme coins that have recently enjoyed additional support from Binance include Peanut the Squirrel (PNUT), Pepe (PEPE), Ponke (PONKE), and others.
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