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This Meme Coin Jumps by 50% Following Further Support From Binance
Binance recently expanded its support for Simon’s Cat (CAT), a meme coin launched on the BNB chain, and the token reacted to this news with a significant price increase. The cryptocurrency surged by approximately 50% daily, reaching a new all-time high of $0.00006330 according to CoinGecko.
The exchange initially listed CAT in October of this year when it introduced 1000CATUSDT perpetual contracts in its futures program. This offering allows for up to 75x leverage and supports the multi-assets mode, enabling users to use multiple margin assets such as Bitcoin (BTC) when trading the contract. Perpetual contracts allow 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.
Source: cryptopotato.com
