The Price Of Simon's Cat (CAT) Soars After Binance's Listing Announcement

Simon's Cat meme coin. (Photo; Doc. Oxzx)

JAKARTA - The cryptocurrency market is back on Monday, October 21, 2024, with a surge in market caps affecting a number of coins, including the cat-themed meme coin, Simon's Cat (CAT). The token experienced a significant price increase, reaching more than 37 percent in the last 24 hours, trading in the range of 0.0000033 US dollars (Rp0.51) during the US trading session.

The increase in CAT prices was largely triggered by Binance's announcement, one of the world's largest crypto exchanges, which lists a typical contract for this token. Binance mentions that a typical contract for CAT, called 1000CATUSDT, allows traders to trade with leverage up to 75 times, providing huge opportunities for investors.

CAT's daily trading volume was recorded at 140 million US dollars (IDR 2.17 trillion), with a total diluted valuation of around 267 million US dollars (IDR 4.13 trillion).

Binance's move to introduce 1000CATUSDT on its platform reinforces CAT liquidity, with traders able to use other assets, including Bitcoin (BTC), as a margin guarantee. At the start of launch, this contract has a funding level limit of +/- 2 percent, which will be completed every four hours. This is expected to strengthen CAT's position in the global crypto market.

Meme Coins Are Increasingly Popular

The coin meme industry continues to grow rapidly, spearheaded by Dogecoin (DOGE) with a global market capitalization of more than 58 billion US dollars (Rp899 trillion). Simon's Cat has attracted attention with liquidity of more than 8.72 million US dollars (Rp135.16 billion) in Binance Coin (BNB). Based on on-chain data, CAT has more than 230 thousand holders, and about 10 percent of the total token supply has been burned to maintain token value.

With CAT registered on large exchanges such as Binance, MEXC, OKX, and KuCoin, it helps strengthen liquidity and increase CAT's daily trading volume, making it one of the coin memes worth paying attention to in the global crypto market.