Meme Coin Soars 50% After Binance Boost

The Binance-Fueled Pump

In a series of announcements, Binance has included Simon’s Cat (CAT) in several prominent trading programs, significantly boosting the token’s visibility. Initially, the meme coin was added to the HODLer Airdrops Portal, which rewards Binance Coin (BNB) holders with distributions of various tokens, including CAT, based on snapshots of their historical balances. According to Binance:

“By subscribing BNB to Simple Earn, users are automatically eligible for HODLer Airdrops (as well as Launchpool and Megadrop rewards).”

As part of the airdrop, Binance will distribute a total of 1,143,000,000,000 CAT, which represents 12.7% of the token’s maximum supply, to eligible users. This move has not only expanded the token’s reach but also created significant excitement among the Binance community.

New Listings and Trading Pairs

Following the airdrop announcement, Binance listed Simon’s Cat on its platform under the seed tag category. The seed tag highlights newly listed, innovative cryptocurrencies that may carry higher risks and volatility. The available trading pairs for Simon’s Cat (CAT) include:

• CAT/USDT
• CAT/BNB
• CAT/FDUSD
• CAT/TRY

This listing further increases the exposure of Simon’s Cat to Binance’s extensive user base, leading to more trading activity and higher liquidity for the meme coin. On December 17, Binance doubled down on its support by adding Simon’s Cat to the following programs:

• Binance Simple Earn
• Buy Crypto
• Binance Convert
• Binance Margin
• Binance Auto-Invest
• Binance Futures

Price Surge and Market Response

The enhanced support from Binance led to a significant price surge for Simon’s Cat (CAT). On the day of the announcement, CAT’s valuation increased by approximately 50%, reaching a new all-time high of $0.00006330, according to data from CoinGecko. However, the price retraced slightly to its current value of $0.00005597 in the following hours.

This rapid price movement demonstrates the powerful impact of Binance’s support, which has injected new life into Simon’s Cat’s market performance and attracted more traders and investors to the token.

Previous Support for Simon’s Cat

Binance’s support for Simon’s Cat is not a new development. The exchange initially embraced the meme coin in October 2024 when it introduced 1000CATUSDT perpetual contracts in its futures program. These contracts allow traders to speculate on the price movements of Simon’s Cat without owning the token directly.

Binance’s futures program offers leverage of up to 75x and supports multi-assets mode, meaning users can trade using assets like Bitcoin (BTC) as collateral. However, perpetual contracts come with risks, as they can be held indefinitely without an expiration date but expose traders to the potential for liquidation, especially with high leverage.

Other Meme Coins Supported by Binance

Simon’s Cat (CAT) joins a growing list of meme coins that have received additional support from Binance. Other tokens benefiting from similar programs include:

• Peanut the Squirrel (PNUT)
• Pepe (PEPE)
• Ponke (PONKE)

As Binance continues to back these innovative and high-risk tokens, it is clear that meme coins are becoming an increasingly prominent part of the exchange’s offerings. This shift reflects the growing demand for such assets among crypto traders and investors.

Conclusion: The Impact of Binance’s Support on Simon’s Cat (CAT)

Binance’s expanded support for Simon’s Cat (CAT) has had a clear impact on the token’s market performance. With listings, new trading pairs, and inclusion in multiple Binance programs, CAT has experienced a significant surge in price and market interest. As more traders engage with the meme coin, it remains to be seen whether this trend will continue or if the price will stabilize at new levels.

The rapid growth of Simon’s Cat is a testament to the power of Binance’s platform in driving exposure and liquidity for emerging cryptocurrencies. As the token continues to gain traction, it will be interesting to monitor its long-term performance and the broader impact of meme coins on the crypto market.