This Meme Coin Jumps by 50% Following Additional Assist From Binance

TL;DR

• Binance expanded help for Simon’s Cat (CAT) by together with it in a number of buying and selling applications.
• The token reacted to the information with a speedy value enhance.

The Binance-Fueled Pump

The world’s greatest cryptocurrency change just lately added additional help for the meme coin launched on the BNB chain – Simon’s Cat (CAT). First, it included it in its HODLer Airdrops Portal. This system rewards BNB holders with token distributions primarily based on historic snapshots of their balances.

“By subscribing BNB to Easy Earn, customers are routinely eligible for HODLer Airdrops (in addition to Launchpool and Megadrop rewards),” Binance defined.

The corporate mentioned it can distribute 1,143,000,000,000 CAT (12.7% of the token’s most provide) to fortunate customers.

Shortly after, Binance listed the meme coin with a seed tag. The precise buying and selling pairs out there to customers are CAT/USDT, CAT/BNB, CAT/FDUSD, and CAT/TRY. It’s value noting that the seed tag class identifies newly listed and modern cryptocurrency initiatives which will carry increased danger and volatility.

Earlier at the moment (December 17), the change doubled down on its help for Simon’s Cat, including it to the Binance Easy Earn, “Purchase Crypto,” Binance Convert, Binance Margin, Binance Auto-Make investments, and Binance Futures applications. 

Considerably expectedly, the aforementioned efforts resulted in a large value spike for CAT. Its valuation soared by roughly 50% on a day by day scale, hitting a brand new all-time excessive of $0.00006330 (per CoinGecko’s information). Within the following hours, the value barely retraced to the present $0.00005597.

The Earlier Assist

Binance initially embraced Simon’s Cat in October of this 12 months when it launched 1000CATUSDT perpetual contracts in its futures program. The providing permits as much as 75x leverage and helps the multi-assets mode. In different phrases, it allows shoppers to make use of quite a few margin property corresponding to Bitcoin (BTC) when buying and selling the contract. 

Perpetual contracts let merchants wager on the value actions of a sure token with out straight proudly owning it. With no expiration date, they will be held indefinitely. Whereas such contracts provide alternatives for important rewards, the excessive leverage and fixed publicity to liquidation make them inherently dangerous, particularly for inexperienced merchants.

Different meme cash which have just lately loved extra help from Binance embody Peanut the Squirrel (PNUT), Pepe (PEPE), Ponke (PONKE), and others.