This Meme coin jumps 50% after additional support from Binance

TL;DR

Binance extended support for Simon’s Cat (CAT) by including it in various trading programs. The witness reacted to the news with a rapid increase in price. The Binance Fueled Bomb

The world’s largest cryptocurrency exchange recently added more support for the meme coin launched on the BNB chain: Simon’s Cat (CAT). First, he listed it on his HODLer Airdrops portal. The program rewards BNB holders with token distributions based on historical snapshots of their balances.

“By subscribing to BNB on 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 token’s 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 innovative and recently listed cryptocurrency projects that may carry more risk and volatility.

Today (December 17), the exchange doubled its support for Simon’s Cat, adding it to the Binance Simple Earn, “Buy Crypto,” Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures programs.

As expected, the aforementioned efforts resulted in a massive price hike for CAT. Its valuation soared by about 50% on a daily basis, reaching a new all-time high of $0.00006330 (according to CoinGecko data). In the following hours, the price retreated slightly to the current $0.00005597.

Price CAT, Source: CoinGecko The previous support

Binance initially adopted Simon’s Cat in October of this year when it introduced 1000CATUSDT perpetual contracts to its futures program. The offering allows leverage of up to 75x and supports multi-asset mode. In other words, it allows clients to use numerous margin assets like Bitcoin (BTC) when trading the contract.

Perpetual contracts allow traders to bet on the price movements of a given token without owning it directly. With no expiration date, they can be kept indefinitely. While these 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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