On October 21, Simon’s Cat cryptocurrency surged by 40% following its launch on Binance, spurring a significant increase in interest and trading volume.
Binance Contract Launch
The main reason for Simon’s Cat price surge was Binance's announcement of the launch of a USd-margined perpetual contract, increasing the token's reach by 75x.
Contract Details and Market Changes
According to the announcement, Simon’s Cat's ticket size will be 0.00001 with a capped funding rate of +2.00% / -2.00%, subject to future market condition adjustments.
Market Impact and Future Prospects
The Binance listing triggered bullish movement for CAT tokens, reflected in increased value and trading volume. Open interest for 1000CAT futures rose by 92% to $15.80 million, while trading volume surged by 330% to reach $108 million.
Simon's Cat continues to attract investors' attention due to the positive momentum initiated by the Binance launch, expected to sustain growth in interest and trading volume.