This Meme Coin Jumps by 50% Following Further Support From Binance

TL;DR

• Binance expanded assist 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 worth improve.

The Binance-Fueled Pump

The world’s greatest cryptocurrency trade not too long ago added additional assist 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 based mostly on historic snapshots of their balances.

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

The corporate mentioned it is going to 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 accessible to customers are CAT/USDT, CAT/BNB, CAT/FDUSD, and CAT/TRY. It’s price noting that the seed tag class identifies newly listed and modern cryptocurrency initiatives that will carry larger threat and volatility.

Earlier in the present day (December 17), the trade doubled down on its assist for Simon’s Cat, adding 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 an enormous worth spike for CAT. Its valuation soared by roughly 50% on a every day scale, hitting a brand new all-time excessive of $0.00006330 (per CoinGecko’s knowledge). Within the following hours, the value barely retraced to the present $0.00005597.

The Earlier Help

Binance initially embraced Simon’s Cat in October of this yr when it introduced 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 purchasers to make use of quite a few margin property reminiscent of Bitcoin (BTC) when buying and selling the contract. 

Perpetual contracts let merchants guess 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 not too long ago loved extra assist from Binance embrace Peanut the Squirrel (PNUT), Pepe (PEPE), Ponke (PONKE), and others.