The cryptocurrency exchange noted that the 1000CATUSDT will allow traders to use multi-assets mode and most importantly tap on other digital assets led by Bitcoin (BTC) as collateral for margin.
At launch, the #1000CATUSDT will have a funding rate cap of +/- 2 percent, with the funding fee settlement expected every four hours.
Why You Should Consider Simonâs Cat for the Remaining Part of Crypto Bull Run
The meme coin industry, led by Dogecoin (DOGE), has grown to more than $58 billion in market capitalization and over $7.2 billion in daily average traded volume. Most blockchains are tapping on the meme coinsâ prowess to attract more users to the Web3 space, amid the 2024/2025 crypto bull run.
In the Binance ecosystem, Simonâs Cat has emerged as a potentially valuable meme coin, with a liquidity of more than $8.72 million in BNB. According to on-chain data analysis, #CAT token has a total of more than 230K holders, with around 10 percent of its total supply already burnt forever.
The listing of CAT tokens on Binance and other crypto exchanges including MEXC, OKX, Gate.io, KuCoin, and HTX among others has helped increase the meme coinsâ liquidity and daily average traded volume.
Midterm Expectations
Although the CAT token was recently launched, thus lacking more historical data for analysis, the meme coin has faced short-term turbulence fueled by airdrop recipients selling to take profits. After hitting an all-time high of about $0.000046 late last month, CATâs price has dropped over 28 percent to date.
From a technical analysis standpoint, CAT price could easily rally towards a new all-time high in the near term, if the altcoin market gains bullish momentum.
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