The Binance-Fueled Pump

The world’s biggest cryptocurrency exchange, Binance, has further cemented its support for the meme coin, Simon’s Cat (CAT). In a recent announcement, Binance added the token to its HODLer Airdrops Portal, which rewards BNB holders with token distributions based on historical snapshots of their balances.

By subscribing BNB to Simple Earn, users are automatically eligible for HODLer Airdrops (as well as Launchpool and Megadrop rewards), according to Binance. The company 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, indicating that it is a newly listed and innovative project that may carry higher risk and volatility. The token is now available for trading with the following pairs: CAT/USDT, CAT/BNB, CAT/FDUSD, and CAT/TRY.

In an earlier announcement, Binance added Simon’s Cat to its Binance Simple Earn, “Buy Crypto,” Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures programs.

Somewhat expectedly, these efforts resulted in a massive price spike for CAT, with its valuation soaring by approximately 50% on a daily scale, reaching a new all-time high of $0.00006330 (per CoinGecko’s data). The price has since retraced slightly to its current level of $0.00005597.

CAT Price

[Figure: CAT Price, Source: CoinGecko]

Previous Support

Binance initially embraced Simon’s Cat in October when it introduced 1000CATUSDT perpetual contracts in its futures program. This offering allows up to 75x leverage and supports the multi-assets mode, enabling clients to use numerous margin assets such as Bitcoin (BTC) when trading the contract.

The Perpetual Contracts

Perpetual contracts are a type of futures contract that allows traders to bet on the price movements of a certain token without directly owning it. With no expiration date, they can be held 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.

Others Meme Coins

Binance has recently shown additional support for other meme coins, including Peanut the Squirrel (PNUT), Pepe (PEPE), Ponke (PONKE), and others. These coins have also gained popularity among traders and investors due to their unique branding and marketing strategies.

Conclusion

Binance’s expanded support for Simon’s Cat and other meme coins is likely to continue driving their price movements and popularity. With its extensive trading programs and user base, Binance has established itself as a leading exchange for innovative projects. As the cryptocurrency space continues to evolve, we can expect to see more meme coins and projects seeking to capitalize on Binance’s vast resources and trading capabilities.

FAQs

Q: What is Simon’s Cat (CAT)?
A: Simon’s Cat is a meme coin that has gained popularity on social media and cryptocurrency markets.

Q: What did Binance do to support Simon’s Cat?
A: Binance expanded support for Simon’s Cat by including it in its HODLer Airdrops Portal, Simple Earn, “Buy Crypto,” Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures programs.

Q: What are the risks associated with perpetual contracts?
A: Perpetual contracts offer high rewards but also carry significant risks, including high leverage and constant exposure to liquidation. They are suitable only for experienced traders who are aware of the potential losses.

Q: Which other meme coins has Binance supported?
A: Binance has recently supported Peanut the Squirrel (PNUT), Pepe (PEPE), Ponke (PONKE), and other meme coins.