Binance announced the launch of a new 1000CATUSDT perpetual contract with up to 75x leverage, which led to a significant rise in the CAT token's price.

Launch of Perpetual Contract on Binance

Binance announced the launch of the 1000CATUSDT perpetual contract at 12:30 UTC with up to 75x leverage. This is part of the exchange's strategy to offer users extended trading options. Notably, several futures were launched in August and September. The Simon’s Cat project team also confirmed the important listing on their official X account.

Sharp Increase in Simon’s Cat (CAT) Price After Announcement

Following Binance's announcement, the price of Simon’s Cat (CAT) token surged by over 40%. At the time of writing, CAT’s total market cap is over $229.4 million. Ahead of Binance's announcement, CAT’s price had a downward trend during the past week, starting October 15, ahead of today's significant surge. The token reached its all-time high on September 21, 2024.

What is Simon’s Cat (CAT)?

Simon’s Cat token is the officially endorsed meme coin, backed by full IP rights from the renowned Simon’s Cat brand. The project originates from the British animated series created by Simon Tofield, which gained more than 1.6 billion views on its official YouTube channel and even more across various social networks.

The launch of Binance's 1000CATUSDT perpetual contract has attracted significant market attention, as evidenced by the sharp increase in the Simon’s Cat token's price. This event highlights the importance of the exchange's strategies and the relevance of meme coins in the crypto space.